The Federal Court of Australia has ruled that BPS Financial was fined AUD 14 million (approximately USD 9.7 million) for operating without a license and misleadingly promoting the Qoin Wallet from January 2020 to mid-2023. The fines include: AUD 2 million for unlicensed operations and AUD 12 million for misleading statements. The court found that BPS issued over 96,000 Qoin Wallets during this period, generating more than AUD 42 million in revenue from token sales. Additionally, the court imposed several injunctions: permanently banning BPS from making false or misleading statements about user numbers, token convertibility, and regulatory approvals; prohibiting it from engaging in unlicensed financial services for 10 years; and requiring it to publish adverse announcements on the Qoin Wallet app and cover most of the litigation costs. (The Block) https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=55775