Helio Lending receives a bond term for making false license claims

By: Dickson Arinze

Helio Lending receives a bond term for making false license claims

August 18, 2023 7:01 AM

Helio Lending, a Melbourne-based cryptocurrency lender, recently entered a guilty plea for making misleading claims about having an Australian credit license.


After falsely claiming to have a local credit license, Helio Lending, a cryptocurrency lender based in Australia, was condemned to a one-year non-conviction good behavior bond.


The Australian Securities and Investments Commission (ASIC) announced→ on August 17 that Helio had been given a one-year good-behavior bond with a forfeiture fee of $15,000 AUD ($9,600 USD).


For less serious transgressions, good behavior bonds are frequently awarded. Helios will only be found guilty and have to pay the $9,600 on a non-conviction good behavior bond if it violates the terms of the bond.


In a news piece published→ in August of this year, ASIC claimed Helio made a fraudulent claim about possessing an Australian credit license.

 


Due to Helio's guilty plea, ASIC stated that the charge of making false claims of obtaining a license on Helio's website was dropped.


Helio provided cryptocurrency loans and is situated in Australia, but its parent firm, Cyios Corporation, is based in the United States and operates the upcoming NFT platform Randombly. 


In April of 2022, ASIC filed→ charges against Helio. Helio stated in a late 2018 investor update→ that it had acquired the license by purchasing Cash Flow Investments and the license it held.


This is the latest victory for ASIC in a slew of crypto-related lawsuits it has filed in recent weeks.


Trading platform eToro was sued by the SEC at the beginning of August on the grounds that it did not conduct enough screenings before to issuing leveraged derivative contracts to retail investors.


In addition, in December, Finder.com was sued by ASIC over allegations that it was selling a crypto yielding product without a valid license.