On August 17, the Australian Securities and Investments Commission (ASIC) disclosed that Helio Lending, a cryptocurrency lender in Melbourne, has been sentenced for its false claim of holding a credit license. The regulator emphasised that such an assertion violates section 30 of Australia’s National Consumer Credit Protection Act 2009.
According to a statement from the Australian securities regulator, the license claim was featured in an article on Helio’s website in August 2019. The regulator contended that Helio deliberately portrayed itself as a licensed entity despite knowing it lacked an Australian Credit License (ACL).
In response to the penalty imposed on Helio, Sarah Court, Deputy Chair of ASIC, commented:
“We expect entities and individuals to provide accurate information to their customers and potential customers. Helio falsely claimed that it held an Australian Credit Licence (ACL), misleading their customers to believe that they had the protections afforded by such a licence.”
As part of acknowledging the offence, Helio has agreed to a recognisance of $9,560 for a period of 12 months, subject to the lender’s demonstration of good conduct. However, the regulator indicated that the second charge linked to the content displayed on Helio’s website had been retracted.