Helio Sentenced for Misleading License Claims

The Melbourne-based cryptocurrency lender, Helio Lending
Pty Ltd., has been handed a non-conviction bond for misleading claims about
possessing an Australian Credit License (ACL). Helio, which offers consumers
crypto-backed loans using digital assets as collateral, was found to have
falsely asserted that it held an ACL, the regulator said yesterday (Thursday).

In a news article on its
website in August 2019, Helio touted its possession of an ACL 391330 credit
license, which the Australian regulators later revealed to be false, the
Australian Securities and Investment Commission (ASIC) stated.

Additionally, ASIC
ASIC

The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the

The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the
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expressed its expectation for entities and individuals to provide accurate
information to their customers, emphasizing the gravity of Helio’s actions in
allegedly misleading its clients about the protection an ACL affords.