Crypto Lender Helio Lending is Granted No-Conviction Sentence
Helio Lending, a crypto lender, has been granted a no-conviction sentence by the Australian Securities and Investments Commission (ASIC) after falsely claiming to be in possession of an ACL 391330 credit license.
The company had to sign an agreement to behave lawfully over the next twelve months and pay a fine of 15,000 AUD (~$9,600).
According to ASIC, in August 2019, Helio released a statement in an online news article on their website claiming to possess the ACL license, however, Helio was not the holder nor the representative of the owner. At the time, the lender was providing crypto-backed loans to consumers.
“We expect businesses and individuals to provide accurate information to their users and potential customers. Helio falsely claimed to have an Australian loan license, misleading customers,” said ASIC Vice Chair Sarah Court.
The company pleaded guilty, which was taken into account for sentencing, though the second charge of the content of an article on the website in February 2019 was dropped by the regulator.
The case was then handled by the Commonwealth Attorney General. This news follows shortly after ASIC’s announcement of lawsuits against the eToro platform due to their release of a “high-
