(MENAFN- CoinXposure)
Helio Lending, a cryptocurrency lender based in Australia, was sentenced to a one-year non-conviction good behavior bond for falsely professing to hold a local credit license.
The australian securities and investments commission announced on August 17 that Helio was sentenced to a one-year non-conviction bond of $15,000 Australian dollars ($9,600) on the condition of good behavior.
Generally, good conduct bonds are granted for less severe offenses. A good-behavior bond without conviction means that Helios will only be convicted if it violates its bond.
The potential penalty of $15,000 is substantially less severe than the maximum possible penalty of $160,000.
In an August 2019 news article on its website, Helio allegedly fraudulently claimed to hold an Australian credit license, according to the Australian Securities and Investments Commission (ASIC).
ASIC stated that Helio's guilty plea was factored into the sentencing decision and that an allegation related to a false representation of holding a license on Helio's website was dropped.
Helio offers crypto-backed loans a nd is an Australian subsidiary of the U.S.-based crypto-focused public holding company Cyios Corporation, which also operates the soon-to-be-launched nonfungible token platform Randombly.
In April 2022, ASIC charged Helio over the matter. In a late 2018 investor update, Helio asserted it had acquired the license by purchasing Cash Flow Investments and its license.
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The latest victory for ASIC follows other crypto-related lawsuits it has filed in recent weeks.
Earlier in August, the regulator filed a lawsuit against the trading platform eToro, alleging that its screening procedures were inadequate before offering leveraged derivative contracts to retail investors.
In December, Finder.com was also sued by the Australian Securities and Investments Commission (ASIC) for offering a crypto-yielding product without the requisite license.
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