ASIC Charges Cryptocurrency Lender – The Bull

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Melbourne-based cryptocurrency lender Helio Lending Pty Ltd has been accused of falsely claiming to hold an Australian Credit License (ACL) when it did not.

Helio Lending offered consumers cryptocurrency-backed loans, using digital currency as collateral for the loan.

ASIC alleges that around February 20, 2019, Helio Lending falsely represented on his website that he held ACL 391330.

ASIC further alleges that Helio Lending posted or authorized the posting on his website of a news article dated September 10, 2018 claiming he held ACL 391330.

ASIC alleges that Helio Lending was neither an ACL holder nor a representative of an ACL holder.

The case is then listed for mention on July 7, 2022 in Melbourne Magistrates’ Court.

ACLs are required to engage in credit activity. Severe penalties may apply to those who illegally engage in credit activities.

This case is being prosecuted by the Commonwealth Director of Public Prosecutions.

Background

Pretending you have an ACL if you don’t is a violation of Section 30 of the National Consumer Credit Protection Act 2009. The maximum penalty for an individual per criminal offense is one year imprisonment and/or a fine of $25,200. The maximum penalty that can be imposed on a legal person for a criminal offense under section 30 is 10 times the maximum individual fine.

Originally Posted by ASIC

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