John Bigatton, the Australian promoter of now-defunct cryptocurrency trading platform BitConnect, has been convicted by the Sydney District Court for providing unlicensed financial advice, ChainCatcher reported.

Bigatton promoted BitConnect through seminars and social media and provided financial advice without authorisation between August 2017 and January 2018. John Bigatton was sentenced to a three-year good behaviour order and was disqualified from managing a company for five years.

The proceedings, which are being overseen by the Australian Federal Police under the Proceeds of Crime Act, are ongoing in the New South Wales Supreme Court. Bigatton was previously banned from providing financial services for seven years by ASIC in 2020. In May this year, he pleaded guilty to providing unlicensed financial advice.