Important Update - May 2025

Important Update – May 2025

Important Update – May 2025

30 May 2025

[The contents of this communication are point-in-time statements. Please note the date of publication]

Update on Migration to Base Blockchain

Further to the update provided on 28 April 2025, and letter from the Qoin Foundation director Paul Parker dated 22 May 2025, we are pleased to provide further information regarding the upcoming migration to the Base blockchain. The tech team has made further progress in the final testing.

In anticipation of the imminent commencement of migration, the current Qoin Wallet App in the Apple and Google stores will not be available for new users from tomorrow as it will be replaced shortly with the updated migration version. The updated App version will guide you step by step through the migration and the team at [email protected] will be there to provide any help you may need. The tech team will announce as soon as the migration starts. Be sure to check that your app login details work and that you can locate your secret 12 word seed phrase stored in a safe offline place.

Update on legal matters

On Monday, 26 May 2025, the court requested some final changes to be made to the class action Settlement Distribution Scheme and the draft Orders. These changes were made by the applicants’ lawyers and submitted to the court on Tuesday 27 May 2025. The parties are expecting a Settlement Approval any day, depending on the schedule of the judge.

ASIC has prevailed in its appeal against the decision of the Australian Federal Court primary judge that BPS Financial Pty Ltd “BPS” was authorised by PNI Financial Services Pty Ltd to issue the Qoin wallet. We do not expect this decision to have any material impact on current Qoin users due to the decentralisation to international third party wallet providers and imminent migration to the Base chain. On 14 February 2025 BPS had provided notice that their wallet will be discontinued as soon as the migration has commenced.

Closing

We are delighted that the migration to Base is commencing soon and thank the entire Qoin community for your patience and continued support during this process.

Regards

Qoin Team

White Paper

Qoin World. All rights reserved.
General Warning: This information is of a general nature and does not take your specific objectives, needs or financial situation into consideration. Before acting on this information you should consider how appropriate it is having regard to your personal circumstances.
Restructure: Restructuring Practitioner Appointed for BPS Financial Pty Ltd.
No Refund Policy: Payments made to purchase Qoin from BPS Financial Pty Ltd are non-refundable. In the event that you change your mind, we may, at our discretion, offer you a refund, provided you notify us within 7 days of purchase. After the 7 days has expired we will not offer any refunds. If you are dissatisfied for any reason please contact Qoin support.