According to Foresight News, the Australian Federal Court has ruled in favor of the Australian Securities and Investments Commission (ASIC) in a case against BPS Financial Pty Ltd (BPS) regarding its Qoin scheme. The court ruled that ASIC won its case of misconduct, excluding the behavior related to BPS as a representative of PNI Financial Services Pty Ltd, which held a non-cash payment license for a period of 10 months.
In 2022, ASIC sued BPS, asking the court to rule that the entire Qoin project, tokens, blockchain, and wallet are financial products that require a license. The court rejected ASIC's attempt to consider the entire blockchain as part of a 'financial product' under Australian law in this ruling. The court has asked ASIC and BPS to negotiate and agree on a form of order to resolve the remaining issues, including penalties later this month.