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Australia convicts crypto fintech Helio of misleading license claims

australia-convicts-crypto-fintech-helio-of-misleading-license-claims
Edited by
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Australia convicts crypto fintech Helio of misleading license claims

Crypto fintech Helio Lending will face a non-conviction bond after falsely claiming it held an Australian credit license.

On Aug. 17, the Australian Securities and Investments Commission (ASIC) stated in a press release that crypto fintech Helio Lending would face a good-behavior bond for a year after falsely claiming in 2019 that it held an Australian credit license.

According to ASIC, Helio misled its customers by stating it had a credit license when it didn’t have a valid one and wasn’t an ACL holder. ASIC prosecuted Helios in April 2022. The company later pleaded guilty to the financial regulator.

Helio will have 12 months to show suitable behavior under a non-conviction bond. If the company fails to comply, it must pay $9,600 (15,000 Australian dollars). Good behavior bonds are typically given to companies that commit less severe offenses.

“We expect entities and individuals to provide accurate information to their customers and potential customers. Helio falsely claimed that it held an Australian Credit license, misleading their customers to believe that they had the protections afforded by such a license.”

ASIC deputy chair Sarah Court

Helios, which provides its customers with crypto-backed loans, operates as a subsidiary of the US-based company Cyios Corporation.