According to Odaily Planet Daily, last Friday, court documents and regulator announcements showed that the Australian Federal Court ruled in favor of the Australian market regulator ASIC in the case of the Qoin plan against BPS Financial Pty Ltd (BPS). Judge J Downes ruled that the Australian Securities and Investments Commission (ASIC) was successful in its unlicensed behavior case, except for the period when BPS was an authorized representative of PNI Financial Services Co., Ltd., when the company held a non-cash payment license. ASIC said this period lasted for 10 months. In 2022, ASIC sued BPS, asking the court to rule that the entire Qoin project (tokens, blockchain and wallet) was a financial product that required a license.