In a significant development for the crypto industry, ASIC has emerged victorious in a case against BPS Financial Pty Ltd, concerning the "Qoin scheme" that generated $26 million in sales. The Federal Court in Australia ruled in favor of ASIC, stating that BPS was found guilty of the majority of charges brought by the regulatory authority.

The case centered around the "Qoin scheme," which involved the issuance of Qoin tokens, the Qoin Wallet, and a digital ledger powered by blockchain technology. BPS allegedly engaged in misleading advertising and operated without the necessary licenses for the non-cash payment facility that utilized the crypto token. The tokens were promoted as a form of payment for goods and services but could only be traded on the BTX Exchange, owned by BPS, with restrictions over time.

With the court's decision on May 3, 2024, ASIC established a significant legal precedent in the crypto realm by holding BPS accountable for unlicensed conduct and violations of the Corporations Act. The verdict is poised to have implications for the enforcement of regulations in the crypto space, signaling a new era in Bitcoin regulations.