[Australian ASIC Fines BPS Financial $9.3 Million for Misleading Promotion of Qoin Wallet] According to Cointelegraph, the Australian Federal Court has ruled that financial services company BPS Financial must pay a fine of AUD 14 million (approximately USD 9.3 million) for violations in the promotion and operation of the Qoin Wallet product. This includes approximately AUD 1.3 million for operating financial services without a license and AUD 8 million for making misleading and deceptive statements. The Australian Securities and Investments Commission (ASIC) accused BPS of issuing the product and providing financial advice without holding an Australian financial services license between January 2020 and mid-2023, violating the Corporations Act. The court found that senior executives of the company were involved and that its compliance system was flawed, constituting "serious and illegal conduct." In addition to the fine, BPS has been banned from operating financial services without a license for the next 10 years and is required to publish court-mandated notices on the Qoin Wallet app and website, as well as bear most of ASIC's litigation costs.