By Nathan Ferguson
A notorious cryptocurrency that necessitates being sold via batches of $125 per day has caused its issuer to undergo pressure on behalf of a Law firm in Australia. The law company based in Queensland, Salerno Law, has the intentions to submit a lawsuit alleging BPS Financial Limited (the firm at the back of QOIN token) for having been involved in the deceptive as well as misleading conduct, financial products’ pyramid selling, and inability to follow the regulations specified for the financial services. An approximate amount of $100M would be demanded by the lawsuit in terms of damages.
Salerno Law, being a company specialization in the disputes regarding cryptocurrency, began taking the comments from the merchants as well as investors who had undergone losses due to the apparent arbitrary restrictions put on the sellers of QOIN during the recent week. Qoin blockchain is the proprietary of the company, on which QOIN tokens release generally. In this way, QOIN does not have any support from decentralized exchanges, as well as can just be swapped utilizing the BTX Exchange (Block Trade Exchange), which restricts its consumers from selling token’s $125 value per day. Nonetheless, customers are capable of making QOIN purchases within $100-$10,000.
The registration of BTX is carried out under the ASIC (Australian Securities and Investments). The BPS, Qoin, and BTX Exchange are all administered by two men Raj Pathak and Tony Wiese. Wiese and Pathak are also known as Barterccard’s joint directors, which counts as a system of barter trading to permit the businesses to exchange services as well as goods via utilizing a proprietary credit-related system named ‘trade dollars.’ It has been stated by Salerno Law that several Qoin holders mention having experienced noteworthy trouble in withdrawal or selling of tokens over the BTX exchange as well as restoring the respective token at traders.
The merchants and holders have alleged to either be incapable of accepting payments in Qoin or exchanging it to fiat currency because of the BTX Exchange’s terms, having a token with no utility. Nevertheless, such claims have been refuted by Qoin as it labeled them to be baseless during a statement that it posted on 28th October. The Salerno suit does not count to be the earliest in this scenario as the native industry association called Blockchain Australia is exorcising membership of Qoin.