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Australia’s Helio Lending faces major penalty for deceit

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TL;DR Breakdown

  • Helio Lending, a cryptocurrency lending firm based in Australia, has been sentenced to a one-year non-conviction good behavior bond for making false claims regarding its possession of a local credit license.
  • Australian Securities and Investments Commission indicated that the Company had falsely asserted its possession of an Australian credit license. 
  • The ASIC initiated legal proceedings against the firm in April 2022.

Description

Helio Lending, a cryptocurrency lending firm based in Australia, has been sentenced to a one-year non-conviction good behavior bond for making false claims regarding its possession of a local credit license. On August 17, the Australian Securities and Investments Commission (ASIC) revealed that Helio Lending had been given the year-long good behavior bond, which would … Read more

Helio Lending, a cryptocurrency lending firm based in Australia, has been sentenced to a one-year non-conviction good behavior bond for making false claims regarding its possession of a local credit license. On August 17, the Australian Securities and Investments Commission (ASIC) revealed that Helio Lending had been given the year-long good behavior bond, which would require the company to pay a fine of $9,600 (equivalent to 15,000 Australian dollars) if the bond is breached.

Good behavior bonds are typically employed for less serious offenses. In this context, a non-conviction good behavior bond entails that Helio Lending will only be subject to conviction if it violates the conditions of the bond, consequently leading to the payment of the $9,600 fine.

Helio Lending vs ASIC

The ASIC indicated that Helio Lending had falsely asserted its possession of an Australian credit license in a news article on its website back in August 2019. Helio Lending pleaded guilty to this charge, a factor taken into account during the sentencing. Notably, a charge related to a deceptive representation of holding a license on the company’s website was withdrawn.

Helio Lending had been engaged in offering loans backed by cryptocurrency and operates as a subsidiary of Cyios Corporation, a U.S.-based publicly-held company focusing on cryptocurrencies. Cyios Corporation is also the owner of the forthcoming nonfungible token (NFT) platform, Randombly.

The ASIC initiated legal proceedings against the Company in April 2022. In a circulated investor update in late 2018, Helio Lending asserted that it had acquired a license through the acquisition of Cash Flow Investments and its associated license.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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