The Federal Court of Australia has imposed a fine of approximately $9.9 million on the operator of the cryptocurrency wallet Qoin Wallet.

Techub News reports, according to Decrypt, the Australian Federal Court has fined BPS Financial, the operator of the cryptocurrency wallet Qoin Wallet, 14 million Australian dollars (approximately 9.9 million US dollars). The court found that the company promoted and operated Qoin Wallet for nearly three years without holding an Australian Financial Services License. Furthermore, the company engaged in misleading and deceptive conduct regarding the usability of Qoin tokens for merchant payments and their convertibility to cash or other digital assets.