Bigatton provided unsolicited financial advice while promoting BitConnect in seminars and on social media between August 2017 and January 2018, the...
- The Sydney District Court has convicted John Bigatton , the Australian promoter of the now-defunct cryptocurrency exchange platform BitConnect, of providing unlicenced financial advice , the country's corporate regulator said on Monday.
In two of the seminars, Bigatton claimed that BitConnect is better than any term deposit out there and that BitConnect Coins would increase in value to at least $1,000, ASIC said.In 2020, the regulator had banned Bigatton from providing financial services for seven years. Bigatton's case is "a reminder that many crypto assets are financial products under the current law and that services relating to require an Australian financial services licence", the ASIC said.
John Bigatton ASIC Australian Securities And Investments Commission Financial Advice Sydney District Court
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