Blockchain Australia terminates Qoin retail crypto project

Spread the love

Blockchain Australia has ended Qoin’s membership of the organisation on the grounds that the crypto project is a pyramid scheme.

Blockchain Australia—the new tech industry in the country—has expelled Qoin, a crypto retailer based in Gold Coast, Queensland.

According to a notice of disciplinary action issued on Feb. 19, Blockchain Australia initially served Qoin with a summons to respond on Jan. 29.

However, Qoin reportedly failed to respond to the notice, forcing Blockchain Australia to expel the project from its membership ranks. Detailing its decision, the notice reads:

“On 17 February 2021, the Board of Blockchain Australia, having considered the Notice and the Response and the circumstances of the matter, resolved, pursuant to the Constitution, to terminate the Member’s membership of Blockchain Australia. The former Member has been asked to cease the use of the Blockchain Australia logo and name in connection with their business or promotional activities.”

However, the Qoin team claims that Blockchain Australia did not have enough time to respond. Speaking to Cointelegraph, Andrew Barker, Chief Marketing Officer of the project, Qoin was horrified by the decision of the industry body:

“The fact that a National Association like BCA has chosen to attack rather than support Qoin, being the largest Australian-based Digital Currency project that engages over 400 families that service 28,000 validated merchants and near 50,000 Qoin wallet holders, is simply bewildering to us.”

According to Barker, Blockchain Australia is acting on claims made by third-party organisations who have shared such views on social media platforms such as Twitter. The Qoin website no longer shows the Blockchain Australia membership of the project.

RECOMMENDED READ:  Aave, EOS, Uniswap Price Movement Analysis for 10th February 2021

Indeed, Blockchain Australia’s action comes amid allegations that Qoin is a crypto pyramid scheme. Tweeting back in January, crypto educator and founder of Nuggets News Alex Saunders stated:

According to Qoin’s website, the project operates by convincing retailers to embrace the crypto with more than 28,000 participants via the website. Critics like Saunders, however, claim that participants are unwilling to cash out of the scheme.

According to consumer law, pyramid schemes are illegal and participants in such initiatives face penalties of up to 200,000 Australian dollars.

 

 624 Interactions,  4 today

READ ALSO:
XRP holders denied participation as third-party claimant in the Ripple-SEC lawsuit.

The judge presiding over the SEC-Ripple case has rejected the assets holders' request to appear as third-party claimants in the Read more

South Korea’s digital currency exchanges face bans over anti-money laundering violations

The South Korean financial regulator has launched a number of new regulatory mechanisms to insure that digital currency exchanges comply Read more

Japanese crypto trader sentenced to one year in jail

The Ishikawa Prefecture Court finds the Japanese merchant guilty of tax evasion by buying bitcoins. Now he faces a year Read more

SEC’s activities have caused $15 billion in losses to XRP holders:

Weeks after the United States Securities and Exchange Commission lodged a revised complaint in its case against Ripple Labs, the Read more

India regulators allegedly confiscating crypto hardware wallets – crypto-influencers

Although the lack of legislation for cryptocurrencies has grown into an issue in India, the country's crypto-users have not yet Read more

Elon Musk unperturbed into Dogecoin tweets by alleged prospect of SEC probe

The Tesla CEO avowedly loves "dogs and memes" and supports the rumoured prospect of his Dogecoin tweets being federally scrutinised Read more

US judge dismisses the case of crypto fraud against the BNT token issuer.

The U.S. Federal Judge ruled that the case against the crypto corporation Bancor had been dismissed, citing the lack of Read more

Tether and Bitfinex, reached a settlement of $18.5 million in penalties, to cease NY activities

The much-discussed conflict between Bitfinex and Tether has now come to an end; the parties have reached a settlement. The Read more

Robinhood, Reddit, Citadel Justifying Their Conduct Before Congress

The Committee on Financial Services of the United States House of Representatives held a virtual hearing on February 18, 2021, Read more

Ripple’s XRP sales suppressed the price of the coin, a changed court lawsuit alleges

The SEC alleges that Ripple executives misled investors and manipulated the price of XRP coins by creating a "information vacuum." Read more

Leave a Reply

Contact Us