According to Bloomberg, the Australian Securities and Investments Commission has commenced civil penalty proceedings against BPS Financial for allegedly making false, misleading or deceptive representations and engaging in unlicensed conduct in relation to a non-cash payment facility involving a crypto-asset token called Qoin. “We allege that, despite what BPS represented in its marketing, Qoin merchant numbers have been declining, and that there have been periods of time where it was not possible to exchange Qoin tokens through independent exchanges. ASIC is particularly concerned about the alleged misrepresentation that the Qoin Facility is regulated in Australia,” Deputy Chair Sarah Court said.