Why is ASIC taking action against the company behind Qoin crypto? | Kalkine Media

 Hello I’m James Preston and thanks for tuning into Kalkine TV for The Daily Crypto Catch. The Australian corporate watchdog has launched legal action against the company that owns Gold Coast-based digital currency Qoin, claiming it made false, misleading or deceptive representations to almost 80,000 users. The Australian Securities and Investments Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against BPS Financial Limited, accusing the company of engaging in unlicensed conduct. According to ASIC, BPS Financial Limited made false, misleading or deceptive claims when it told consumers that the Qoin could be exchanged for cryptocurrency or Australian dollars on an independent exchange. Additionally, it claims BPS made false, misleading or deceptive statements by saying that consumers could use Qoin to purchase goods and services through an increasing number of businesses and merchants that had adopted the digital currency. BPS Financial Limited's Director Tony Wiese made a statement yesterday stating the company was reviewing ASIC's actions. However, Weise said that the company doesn’t agree with the position of ASIC and that it would be defending the matter, adding their focus remains to continue building the Qoin project’s technology. In market news, Bitcoin grew 4.09 percent in the past 24 hours, and was recently trading at just above US$20,011. Meanwhile, Ethereum also spiked, gaining 9.29 percent from this time yesterday and was recently trading at US$1,468. As for todays winners and losers, Toncoin token grew 32.19 percent in the past 24 hours to US$1.91 , while Cardano token gained 11.28 percent to reach just above 40 US cents over the same period. On the losing side, Aptos token dropped 6.58 percent overnight to US$8.69, whilst Klaytn token fell 4.38 percent to 19.45 US cents. ALRIGHT that’s it for this edition of the Daily Crypto Catch. Stay tuned to Kalkine TV for the latest market updates, business news and exclusive interviews. I’m James, thanks for joining me.