Cryptocurrency lender charged for false credit claims
Melbourne-based cryptocurrency lender, Helio Lending, has been charged with falsely claiming that it held an Australian credit licence (ACL) when it did not, according to the Australian Securities and Investments Commission (ASIC).
The corporate regulator found that in February, 2019, Helio, which offered cryptocurrency-backed loans to consumers, falsely represented on its website that it held the licence.
ASIC alleges that Helio Lending was neither an ACL holder nor a representative of an ACL holder.
The matter was next listed for mention on 7 July 2022 in the Melbourne Magistrate’s Court.
“Claiming that you have an ACL if you do not is a breach of section 30 of the National Consumer Credit Protection Act 2009. The maximum penalty for an individual per criminal contravention is 1 year imprisonment and/or a fine of $25,200. The maximum penalty that can be imposed on a body corporate for a criminal contravention of section 30 is 10 times the maximum individual fine,” ASIC said in a statement.
ACLs are required to undertake credit activity with strict penalties to those who unlawfully engage in credit activities.
ASIC said that this matter was being prosecuted by the Commonwealth Director of Public Prosecutions.
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