Crypto fintech Helio Lending faces a non-conviction bond for falsely claiming it held an Australian credit license
The Australian Securities and Investments Commission (ASIC) has announced that crypto fintech Helio Lending will be subject to a good-behavior bond for a year after falsely claiming to have an Australian credit license in 2019.
Key Points:
- Helio misled customers by falsely claiming to have a credit license
- ASIC prosecuted Helios in April 2022 and the company pleaded guilty
- Helio must show suitable behavior for 12 months under the non-conviction bond
- If Helio fails to comply, it will have to pay $9,600 (15,000 Australian dollars)
- Good behavior bonds are given for less severe offenses
“We expect entities and individuals to provide accurate information to their customers and potential customers. Helio falsely claimed that it held an Australian Credit license, misleading their customers to believe that they had the protections afforded by such a license.” – ASIC deputy chair Sarah Court
Helios, a subsidiary of the US-based company Cyios Corporation, offers crypto-backed loans to its customers.
Hot Take: Crypto fintech Helio Lending is facing consequences for falsely claiming a credit license. This case highlights the importance of transparency and accurate information for businesses operating in the crypto industry. As the industry continues to evolve, regulators and customers alike will scrutinize companies for any deceptive practices.
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