Australia-Based Crypto Lender Sentenced for False Credit License Claims
The Australian securities regulator recently revealed that the crypto lending platform
Helio pleaded guilty to the allegation of falsely claiming to be a holder of the
Australian Credit License (ACL). For admitting to committing the offense, Helio is said to have entered a
“recognisance” of
$9,560 (AUD15,000) for 12 months which is contingent on the crypto lender’s good behavior.
The Australian Securities and Investments Commission (ASIC) announced on
Aug. 17 that the Melbourne-based cryptocurrency lender
Helio Lending has been sentenced for falsely claiming it held a credit license.
In a statement, the Aussie securities regulator revealed that the license claim was made in an article that appeared on Helio’s website in
Aug. 2019.
Commenting on her organization’s punishment of Helio, ASIC Deputy Chair Sarah Court said:
We expect entities and individuals to provide accurate information to their customers and potential customers. Helio falsely claimed that it held an Australian Credit Licence (ACL), misleading their customers to believe that they had the protections afforded by such a licence.
For admitting to committing the offense, Helio is said to have entered a “recognisance” of
$9,560 (AUD15,000) for 12 months which is contingent on the crypto lender’s good behavior.
