After falsely claiming to possess a local credit license, Australia-based cryptocurrency lender Helio Lending has been placed on a one-year non-conviction good behavior bond.
The Australian Securities and Investments Commission (ASIC) announced on August 17th, specifying that Helio must pay $9,600 (equivalent to 15,000 Australian dollars) if the bond’s terms are violated.
Typically reserved for less serious offenses, this type of bond means that Helio will only be accused if it breaks the bond’s conditions. In that case, the specified amount of $9,600 would become payable.
According to ASIC, Helio made false claims about holding an Australian credit license in an August 2019 news article published on its website.
Helio specializes in providing loans backed by cryptocurrency assets and operates as an Australian subsidiary of Cyios Corporation, a U.S.-based public holding company with a focus on cryptocurrencies.
In an article published on its website back in August 2019, the company provided inaccurate information. Specifically, Helio falsely claimed to be in possession of a valid credit license, citing ACL 391330.
It’s crucial to highlight that when this statement was made, Helio did not actually possess an Australian Credit License, nor did it operate as a representative for any entity holding such a license.
In April 2022, the Australian Securities and Investments Commission (ASIC) filed charges against Helio in connection with this issue. In a widely circulated investor update issued in late 2018, Helio asserted that it had obtained a license by acquiring Cash Flow Investments, in addition to its existing license.
Also Read: ASIC Searches Binance Australia in Derivatives Probe
