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Home Latest News Policy and regulation Blockchain Australia ousts retail merchant crypto project Qoin

Blockchain Australia ousts retail merchant crypto project Qoin

Blockchain Australia — the industry body for the novel tech in the country — has expelled Qoin, a retail merchant crypto project based in Gold Coast, Queensland.

According to a notice of disciplinary action issued on Feb. 19, Blockchain Australia initially served Qoin with a summons to respond on Jan. 29.

Nonetheless, Qoin allegedly failed to respond to the notice, forcing Blockchain Australia to expel the project from its membership ranks. Detailing its decision, the notice reads:

“On 17 February 2021, the Board of Blockchain Australia, having considered the Notice and the Response and the circumstances of the matter, resolved, pursuant to the Constitution, to terminate the Member’s membership of Blockchain Australia. The former Member has been asked to cease the use of the Blockchain Australia logo and name in connection with their business or promotional activities.”

Nonetheless, the Qoin team alleges that it was not given ample time to respond by Blockchain Australia.

According to Cointelegraph, Andrew Barker, the project’s chief marketing officer stated that Qoin was appalled by the industry body’s decision:

“The fact that a National Association like BCA has chosen to attack rather than support Qoin, being the largest Australian-based Digital Currency project that engages over 400 families that service 28,000 validated merchants and near 50,000 Qoin wallet holders, is simply bewildering to us.”

According to Barker, Blockchain Australia is acting on allegations propagated by third-party entities who have expressed such views on social media channels like Twitter. The Qoin website no longer displays the project’s membership to Blockchain Australia.

In fact, Blockchain Australia’s action comes amid allegations that Qoin is a crypto pyramid scheme.

According to Qoin’s website, the project works by incentivizing retail merchants to accept the crypto with over 28,000 participants according to the website. Nonetheless, critics like Saunders say members are unable to cash out from the system.

According to the country’s consumer law, pyramid schemes are illegal and participants in such programs face fines of up to 200,000 Australian Dollars.

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