{"id":56962,"date":"2023-08-18T03:07:30","date_gmt":"2023-08-18T07:07:30","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=56962"},"modified":"2023-08-18T03:07:38","modified_gmt":"2023-08-18T07:07:38","slug":"crypto-firm-helio-lending-placed-on-bond-due-to-false-license","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-firm-helio-lending-placed-on-bond-due-to-false-license\/","title":{"rendered":"Crypto Firm Helio Lending Placed on Bond Due to False License"},"content":{"rendered":"\n

Previously, the Melbourne-based crypto lender Helio Lending pled guilty to falsely professing to possess an Australian credit license.<\/a><\/p>\n\n\n\n

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Crypto Firm Helio Lending Placed on Bond Due to False License <\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

The Australian Securities and Investments Commission \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>announced on August 17 that Helio was sentenced to a one-year good-behavior bond and must pay 15,000 Australian dollars ($9,600) if the bond is breached.<\/p>\n\n\n\n

Generally, good conduct bonds are granted for less severe offenses. With a non-conviction good behavior bond, Helios will only be convicted if it violates its bond and must pay $9,600<\/strong>. A considerably reduced sentence compared to the maximum possible penalty of $160,000.<\/p>\n\n\n\n

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).<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Melbourne-based cryptocurrency lender Helio Lending Pty Ltd has been sentenced to a non-conviction bond for falsely claiming that it held an Australian credit licence when it did not https:\/\/t.co\/GwrQ5VbRBf<\/use><\/svg><\/span><\/a> pic.twitter.com\/gOsHHp02xL<\/use><\/svg><\/span><\/a><\/p>— ASIC Media (@asicmedia) August 17, 2023<\/use><\/svg><\/span><\/a><\/blockquote> \n\n\n\n

Helio offered crypto-backed loans and 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. <\/p>\n\n\n\n

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. The latest victory for ASIC follows other crypto-related lawsuits it has filed in recent weeks.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

In December, Finder.com <\/use><\/svg><\/span><\/a>was also sued by the Australian Securities and Investments Commission (ASIC) for offering a crypto-yielding product without the requisite license.<\/p>\n","protected":false},"excerpt":{"rendered":"

Previously, the Melbourne-based crypto lender Helio Lending pled guilty to falsely professing to possess an Australian credit license. 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 […]<\/p>\n","protected":false},"author":53,"featured_media":56964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,32,26],"tags":[7943,15879,15878,5701],"class_list":["post-56962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto-exchange-news","category-cryptocurrencies","tag-asic-2","tag-helio","tag-helio-lending","tag-regulation-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/mon-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=56962"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/56964"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=56962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=56962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=56962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}