ASIC bans crypto rep for seven years
The Australian Securities and Investments Commission (ASIC) has banned John Bigatton from providing financial services for seven years for providing unlicensed financial product advice in relation to a cryptocurrency platform.
Between August 2017 and January 2018, the NSW resident was the Australian national representative for online cryptocurrency platform BitConnect and cryptocurrency investment scheme BitConnect Lending Platform.
ASIC found that, in connection with his promotion of BitConnect and the lending platform, Bigatton provided unlicensed financial product advice and engaged in conduct which was misleading or deceptive.
ASIC found Bigatton was not a fit and proper person to provide financial services, not adequately trained or competent to provide a financial service, and likely to contravene financial services law.
The banning would be recorded on ASIC’s publicly available Financial Adviser Register, and the Banned and Disqualified Persons Register.
Bigatton had the right to appeal to the Administrative Appeals Tribunal, however, the ASIC investigation was continuing.
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