February 24, 2021

Further to the announcement made on Monday regarding our acceptance as a member of the Enterprise Ethereum Alliance (EEA) and also, our relationship with Blockchain Australia (BCA) being terminated, we would like to update our community.

In January 2020, our Chief Technology Officer and a senior engineer were in New York with our blockchain partners to deploy the Qoin blockchain. You may recall the many memorable social media posts of their journey in New York and Silicon Valley. During this visit they met with representatives of the EEA, who invited us to join their prestigious global blockchain alliance when we were ready. In early January this year, following a successful 2020, we resolved to apply for the membership which was recently accepted. We look forward to collaborating with the EEA and learn from them as we expand our footprint globally.

As a supporter of Blockchain technology, Digital Currencies and Small Business Owners, Qoin decided to join Blockchain Australia 11 months ago. With Blockchain Australia being a paid membership association and not a regulatory body, we saw an opportunity to gain wider industry value. We were promised to receive guidance and support and during this period gained feedback and worked briefly with two CEOs and the Blockchain Australia board at the time to improve some information around the Qoin website. On each occasion we took on board their feedback and updated the relevant information.

More recently we have seen an abrupt change in Blockchain Australia’s attitude toward Qoin. The timing of their change aligns with the emergence of false and misleading comments being made by certain antagonists on Social Media platforms, including a previous board member.

We received a notice from Blockchain Australia in the form of false allegations around communication and disclosures on the Qoin website. We considered this notice a premeditated attack against Qoin.  

Qoin factually and vigorously refuted each issue. During the period of reply and the final notice, no questions were raised, clarification sought on any points nor updates given by Blockchain Australia.

As the notice was only received last Friday night from Blockchain Australia, Qoin have reserved our rights as to the next steps in this matter.

We are extremely appalled with the actions taken by Blockchain Australia. The fact that a national association like Blockchain Australia have chosen to work against rather than support Qoin, being the largest Australian-based Digital Currency project that engages over 400 families and supports 28,000 validated merchants and approaching 50,000 Qoin wallet holders, simply bewilders us.

Blockchain Australia then chose to unilaterally post an altered version of the notice in the public domain.  

Within one business day, the very same previous board member of Blockchain Australia and his known associates broadcast the altered Blockchain Australia Notice further elaborated with false, misleading, deceptive and defamatory statements across social media channels. These actions have caused a level of harm to the industry as well as frustration within the Qoin community.

It is important for the entire Qoin community to note that the Qoin Association engages frequently with its legal advisors being the largest Law firm in Australia, HWL Ebsworth, as well as Russel McVeigh, one of the largest New Zealand law firms. We continue to operate within the necessary regulatory guidelines and licensing in Australia and New Zealand as we will within each country as we expand over the coming months.

Be assured we will vigorously defend any statements and actions made by outside parties or individuals that are factually incorrect, slanderous and defamatory to the Qoin brand and community.

The purpose has always been to unite and focus on growth and prosperity for the entire Qoin community. This purpose continues.