An Australian man has received a seven-year ban by the country’s financial watchdog for his involvement with BitConnect
According to Financial Standard, the Australian Securities and Investment Commission (ASIC), New South Wales resident John Bigatton has been banned from providing financial services for the next seven years. And the reason is simple, this man seems to be related to the Ponzi BitConnect scheme.
Australia banned BitConnect advertisers from providing financial services for 7 years
It is known that Bigatton is an Australian national representative of the BitConnect cryptocurrency platform, as well as the BitConnect Lending Platform investment program, from 2017 to 2018. BitConnect was a cryptocurrency investment scheme that encouraged investors to exchange bitcoin for its own. BitConnect Coin (BCC) promising high-interest returns. It has been alleged to be a fraud in various lawsuits.
ASIC issued a judgment after it was discovered that Bigatton had committed a misleading or deceptive act in advertising BitConnect. Specifically, the watchdog accused Bigatton of providing advice about an unlicensed financial product that was a scam, misleading, or potentially misleading investors, regarding the BitConnect program.
“We found Bigatton not to be a fit and proper person to provide financial services. He was not adequately trained and was likely to contravene a financial services law.”
Bigatton now has the right to appeal ASIC’s decision at the Australian Court of Administrative Appeals.
In January 2018, the Texas Securities and Exchange Commission ordered BitConnect to cancel another planned token sale, deciding the proposed token qualifies as an unregistered security. A few weeks later, BCC’s price fell amid news that BitConnect’s lending and exchange activity had ceased to function.
That happened after the state regulators issued an order to stop and cancel the listing due to the program’s failure to register its services and services under the securities rules.
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