AUSSIE FIRM TO LAUNCH $100M CLASS ACTION OVER DODGY QOIN TOKEN

The Australian cryptocurrency market is facing a reckoning.A prominent Aussie law firm is gearing up to launch a massive $100 million class action against the issuers of the controversial QOIN token.This isn't just a minor dispute; it's a full-blown legal battle alleging serious misconduct, including pyramid selling and fraud. Aussie firm to launch $100M class action over dodgy QOIN tokenThe case centers on claims that BPS Financial Limited, the company behind QOIN, misled investors about the token's acceptance and usability, painting a far rosier picture than reality.Many QOIN holders are reportedly unable to effectively use or liquidate their holdings, leading to significant financial losses. Aussie firm to launch $100M class action over dodgy QOIN token . The issuers of the Australian token QOIN are set to face a $100-million lawsuit accusing them of pyramid selling and fraudThis lawsuit could have significant implications for the wider cryptocurrency industry in Australia, potentially setting a precedent for future cases involving alleged misconduct and deceptive practices within the digital asset space.Salerno Law, a digital currency law firm, is spearheading this legal challenge on behalf of aggrieved QOIN investors. QOIN tokens are issued on the company s proprietary Qoin blockchain. As such, QOIN is not supported by decentralized exchanges, and can only be swapped using the Block Trade Exchange (BTX Exchange) which prevents users from selling more than $125 worth of the token daily.The firm’s investigation suggests a pattern of misleading and deceptive conduct by BPS Financial Limited and its directors, ultimately leading to this significant class action lawsuit.The action will be filed in the Queensland Federal Court.

What is the QOIN Token and Why is it ""Dodgy""?

Understanding the nature of QOIN is crucial to grasping the gravity of the situation.QOIN is a cryptocurrency issued on BPS Financial Limited's proprietary blockchain.This means it isn't supported by decentralized exchanges, limiting its tradability significantly. The issuers of the Australian token QOIN are set to face a $100 million lawsuit accusing them of pyramid selling and fraud. Click To Read Full Article First published on ccn.comIn fact, QOIN can only be traded on the Block Trade Exchange (BTX), which imposes a strict limit of $125 worth of QOIN that users can sell daily.This inherent restriction has raised serious concerns about the token's liquidity and its potential for manipulation.

Critics argue that this limitation effectively traps users' funds within the QOIN ecosystem.While purchases between $100 and $10,000 are allegedly permitted, the difficulty in selling QOIN renders it largely unusable in the real world.This lack of liquidity is a major point of contention for investors who claim they were misled about the token's practical value.

The Allegations: Fraud, Pyramid Selling, and Misleading Conduct

The $100 million class action lawsuit is built upon a foundation of serious allegations, painting a concerning picture of BPS Financial Limited's operations.These allegations include:

• Pyramid Selling: The core claim is that QOIN operates as a pyramid scheme, where early investors are rewarded for recruiting new members, rather than through genuine value creation.This inherently unsustainable model relies on a constant influx of new participants, eventually collapsing when recruitment slows down.
• Misleading and Deceptive Conduct: Salerno Law alleges that BPS Financial Limited made false or misleading representations about QOIN's acceptance at 35,000 merchant stores.Investors claim they were led to believe that QOIN was widely accepted, making it a practical and usable cryptocurrency. cointelegraph.com: The issuers of the Australian token QOIN are set to face a $100 million lawsuit accusing them of pyramid selling and fraud.In reality, acceptance seems to be far lower, rendering the token difficult to spend.
• Unconscionable Conduct: The lawsuit also alleges unconscionable conduct, meaning that BPS Financial Limited took unfair advantage of investors, particularly those with limited financial literacy or experience in the cryptocurrency market.
• Failure to Comply with Financial Services Regulations: The Queensland-based law firm will argue that BPS Financial Limited failed to comply with relevant Australian financial services regulations in the issuance and promotion of QOIN.

Salerno Law Leading the Charge: Who are They?

Salerno Law, the firm spearheading this class action, is recognized as a leading digital currency law firm in Australia. - Read the latest crypto news on cryptocurrencies and blockchain such as Shiba Inu, Safemoon and Dogecoin, as well as articles and tips on how to invest in them.Their expertise in the complex and evolving world of cryptocurrency regulations makes them well-equipped to handle this high-stakes case.Their decision to take on this class action underscores the seriousness of the allegations against BPS Financial Limited and their commitment to protecting the rights of QOIN investors.

Who are the Respondents in the QOIN Class Action?

The legal action isn't solely focused on BPS Financial Limited. QOIN tokens are issued on the company s proprietary Qoin blockchain. As such, QOIN is not supported by decentralized exchanges and can only be swapped using the Block Trade Exchange (BTX), which prevents users from selling more than $125 worth of the token daily. However, users are able to make QOIN purchases between $100 and $10,000.The respondents named in the proceedings include:

• BPS Financial Limited (the company behind QOIN)
• Tony Wiese (Co-director of BPS)
• Raj Pathak (Co-director of BPS)
• Three related entities
• The group's two Australian Financial Service License Holders

This comprehensive list of respondents indicates a desire to hold all parties potentially responsible for the alleged misconduct accountable. Australia-based Salerno Law is preparing to file a complaint against an obscure crypto token accused of operating a pyramid scheme.The inclusion of the Australian Financial Service License Holders is particularly significant, as it suggests a focus on potential breaches of regulatory obligations.

What Can QOIN Investors Do?

If you are a QOIN investor who believes you have been financially harmed by the alleged misconduct, here's what you can do:

1. Contact Salerno Law: Reach out to Salerno Law to learn more about the class action and your eligibility to participate.Their contact information can be found on their website.
2. Gather Documentation: Collect any documentation related to your QOIN investment, including purchase records, communications with BPS Financial Limited, and any evidence of difficulty in using or selling your QOIN.
3. Seek Independent Legal Advice: Consider seeking independent legal advice to understand your rights and options in relation to the class action.
4. Stay Informed: Follow updates on the class action through Salerno Law's website and reputable news sources covering cryptocurrency and legal matters.

The Impact on the Australian Cryptocurrency Market

The outcome of this class action could have a ripple effect on the Australian cryptocurrency market. The issuers of the Australian token QOIN are set to face a $100 million lawsuit accusing them of pyramid selling and fraud. The issuer of a controversial cryptocurrency that can only be sold in batches of $125 daily on a single exchange is facing pushback from an Australian law firm.A successful lawsuit could send a strong message to other cryptocurrency issuers, emphasizing the importance of transparency, ethical conduct, and compliance with regulations.It may also lead to increased scrutiny of the cryptocurrency industry by regulators, potentially resulting in stricter rules and oversight.

Increased Regulatory Scrutiny

The QOIN saga highlights the need for clearer and more robust regulations in the cryptocurrency space.Currently, the regulatory landscape is still evolving, leaving room for ambiguity and potential abuse.A successful class action could prompt lawmakers to introduce stricter rules to protect investors and ensure the integrity of the market.

Potential for Investor Caution

This case could also make investors more cautious about investing in lesser-known cryptocurrencies, particularly those with limited liquidity or a lack of transparency.Investors may demand more information and reassurance before committing their funds to digital assets, leading to a more discerning and cautious investment environment.

Q&A: Common Questions About the QOIN Class Action

What is a class action lawsuit?

A class action lawsuit is a legal action brought by one or more individuals on behalf of a larger group of people who have suffered similar harm.In this case, QOIN investors who believe they were financially harmed by the alleged misconduct are the potential class members.

How do I join the QOIN class action?

Contact Salerno Law to determine your eligibility to participate in the class action. BPS Financial Limited (BPS) - the company behind Qoin, has been sued in a class action filed in the Queensland Federal Court. The plaintiff s case alleges unconscionable and misleading and deceptive conduct by Qoin.The Respondents to the proceeedings include BPS co-directors Tony Wiese and Raj Pathak, three related entities, and the group's two Australian Financial Service License HoldersThey will assess your situation and provide you with the necessary information and documentation to join the lawsuit.

What are the potential benefits of joining the class action?

If the class action is successful, you may be entitled to compensation for your financial losses related to your QOIN investment.Joining the class action also allows you to contribute to holding BPS Financial Limited and its directors accountable for their alleged misconduct.

What are the risks of joining the class action?

There are always risks associated with litigation.The class action may not be successful, and you may not receive any compensation. 4.9K subscribers in the CryptoToFuture community. High-quality, non-speculative, filtered news about CryptoCurrencies.You may also be required to provide information and documentation to support your claim.

How long will the class action take?

Class action lawsuits can take a significant amount of time to resolve, potentially lasting several years.The duration will depend on the complexity of the case, the number of plaintiffs involved, and the court's schedule.

The $125 Daily Limit: A Red Flag?

The restriction on selling QOIN to a maximum of $125 per day on the BTX exchange is a major source of frustration and suspicion among investors. The issuers of the Australian token QOIN are set to face a $100 million lawsuit accusing them of pyramid selling and fraud. Aussie firm to launch $100M classThis limitation severely restricts the ability of investors to liquidate their holdings, essentially trapping their funds within the QOIN ecosystem.

Many view this daily limit as a deliberate tactic to prevent a mass sell-off of QOIN, which could expose the alleged pyramid scheme and cause the token's value to collapse.The lack of liquidity and the difficulty in converting QOIN back to fiat currency are key factors contributing to the growing discontent among investors.

The Broader Implications for Cryptocurrency Investment

The QOIN saga serves as a cautionary tale for anyone considering investing in cryptocurrencies.It highlights the importance of conducting thorough research, understanding the risks involved, and being wary of projects that promise unrealistic returns or lack transparency.Before investing in any cryptocurrency, consider these factors:

• Research the Team: Investigate the individuals and organizations behind the project.Look for their track record, expertise, and reputation.
• Understand the Technology: Familiarize yourself with the underlying technology and how the cryptocurrency works. Aussie firm to launch $100M class action over dodgy QOIN token The issuer of a controversial cryptocurrency that can only be sold in batches of $125 daily on a single exchange is facing pushback from an Australian law firm.Avoid projects that are overly complex or lack clear explanations.
• Assess the Liquidity: Check the trading volume and availability of the cryptocurrency on reputable exchanges. The law firm says the people behind the Qoin token lied about its acceptance in 35,000 merchant stores. Salerno Law, one of the leading digital currency law firms in Australia, intends on filing the class action lawsuit against BPS Financial Limited, the company behind the Qoin token. It claims to have spoken with some Qoin holders thatAvoid projects with limited liquidity or trading restrictions.
• Read the Whitepaper: Carefully review the project's whitepaper, which outlines its goals, technology, and business model.Be skeptical of projects that lack a comprehensive whitepaper.
• Seek Expert Advice: Consider consulting with a financial advisor or cryptocurrency expert before making any investment decisions.

Conclusion: Holding QOIN Accountable and Protecting Investors

The upcoming $100 million class action against the issuers of the QOIN token represents a significant development in the Australian cryptocurrency landscape.The allegations of pyramid selling, fraud, and misleading conduct are serious and warrant thorough investigation.This case underscores the need for greater regulation and oversight of the cryptocurrency industry to protect investors and prevent future misconduct.If you are a QOIN investor who has suffered financial losses, it is crucial to contact Salerno Law and explore your options for participating in the class action. The Australian Financial Review (AFR) has compiled a list containing 87 of Australia s richest entrepreneurs aged 40 and under, each of whom boasts a net worth greater than 36 million AustralianBy holding those responsible accountable, this lawsuit could pave the way for a more transparent, ethical, and regulated cryptocurrency market in Australia.

Key Takeaways:

• A $100 million class action is being launched against the issuers of the QOIN token.
• The lawsuit alleges pyramid selling, fraud, and misleading conduct.
• QOIN investors who have suffered financial losses should contact Salerno Law.
• The outcome of this case could have significant implications for the Australian cryptocurrency market.

Call to Action: If you believe you have been affected by the QOIN token scheme, contact Salerno Law today to discuss your legal options and potentially join the class action. The issuers of the Australian token QOIN are set to face a $100 million lawsuit accusing them of pyramid selling and fraud. Continue Cookie Policy 44 (0) 203 8794 460 Free Membership LoginDon't delay, as time may be limited to join the proceedings.