25 October 2022

During the past 24 hours, BPS Financial Pty Ltd “BPS” received a notice from ASIC that it has commenced an originating process in the Queensland registry of the Federal Court.

BPS is reviewing the allegations.  ASIC alleges that BPS has been engaging in unlicensed conduct in relation to a non-cash payment facility involving the Qoin crypto asset and, flowing from that alleged unlicensed position, BPS has consequently made false or misleading representations.

BPS does not agree with ASIC’s position and, confident of its position, will be defending the matter.

Before it started, BPS consulted with ASIC in late 2019 regarding the structure of the Qoin project and did so again in early 2021.

BPS will keep the community updated as it is able to.