{"id":14070,"date":"2021-11-23T18:09:20","date_gmt":"2021-11-23T12:39:20","guid":{"rendered":"https:\/\/zebpay.com\/?p=14070"},"modified":"2021-11-23T18:09:20","modified_gmt":"2021-11-23T12:39:20","slug":"qoin-faces-pyramid-scheme-allegations","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/qoin-faces-pyramid-scheme-allegations","title":{"rendered":"QOIN faces pyramid scheme allegations"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/qoin-faces-pyramid-scheme-allegations\/#2nd_November_2021\" title=\"2nd November 2021: \">2nd November 2021: <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/qoin-faces-pyramid-scheme-allegations\/#Salerno_Laws_Allegations\" title=\"Salerno Law\u2019s Allegations: \">Salerno Law\u2019s Allegations: <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/qoin-faces-pyramid-scheme-allegations\/#QOINs_public_response\" title=\"QOIN\u2019s public response:&nbsp;\">QOIN\u2019s public response:&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n\n<h3 class=\"wp-block-heading\" id=\"h-2nd-november-2021\"><span class=\"ez-toc-section\" id=\"2nd_November_2021\"><\/span><strong>2nd November 2021: <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"h-a-law-firm-based-in-queensland-australia-named-salerno-law-is-going-to-sue-bps-financial-the-lawsuit-is-on-the-claim-of-engaging-in-misleading-and-deceptive-conduct-pyramid-selling-of-financial-products-and-failing-to-comply-with-financial-services-regulations-it-is-seeking-100-million-in-damages\">A law firm based in Queensland, Australia named Salerno Law is going to sue BPS Financial. The lawsuit is on the claim of \u201cengaging in misleading and deceptive conduct, pyramid selling of financial products, and failing to comply with financial services regulations.\u201d It is seeking $100 million in damages.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/qoin.world\/\" target=\"_blank\" rel=\"noreferrer noopener\">QOIN<\/a> token is a token that is supplied by BPS Financial Limited. It is designed to be a digital currency that QOIN will accept for goods and services.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"400\" height=\"401\" src=\"https:\/\/zebpay.com\/wp-content\/uploads\/2021\/11\/New-Qoin_400.png\" alt=\"\" class=\"wp-image-14071\" srcset=\"https:\/\/zebpay.com\/in\/wp-content\/uploads\/2021\/11\/New-Qoin_400.png 400w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2021\/11\/New-Qoin_400-300x300.png 300w, https:\/\/zebpay.com\/in\/wp-content\/uploads\/2021\/11\/New-Qoin_400-150x150.png 150w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Salerno_Laws_Allegations\"><\/span><strong>Salerno Law\u2019s Allegations: <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Salerno Law is coming down on the firm as QOIN holders have stated the token is of n0 value nor utility. Holders and merchants are unable to accept QOIN or exchange them back to fiat currency on the BTX exchange.<\/p>\n\n\n\n<p>QOIN is only available on the <a href=\"https:\/\/blocktradeexchange.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">BTX exchange<\/a> and no other decentralised exchange lists it. Furthermore, it doesn&#8217;t allow users to sell more than $125 worth of the token daily. On the contrary, users can buy QOIN worth between $100-$10,000.  Despite BTX being registered with the Australian Securities and Investments Commission (ASIC), these terms seem rather suspicious. But, to make matters worse, BPS financial owns BTX Exchange. There are a lot of doubts on conflict of interest and transparency issues due to this confusion.\u00a0<\/p>\n\n\n\n<p>Hence QOIN is being slammed as a pyramid scheme. And not just by investors but by the whole community. The industry association, Blockchain Australia, has even expelled QOIN\u2019s membership amid the ongoing lawsuits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"QOINs_public_response\"><\/span><strong>QOIN\u2019s public response:&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>QOIN had responded to the allegations saying they are \u201cbaseless.\u201d On top of which, they updated their legal part of the website to address some concerns.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img decoding=\"async\" width=\"602\" height=\"224.8099454201208\" src=\"https:\/\/lh6.googleusercontent.com\/zcNTMw-S8UACm9gYoO7A712ezNaO8HkhX1yzCZnUbvtcq91ZfZH_nATpExcImfkWSasUprsIoANpQJjDd19tCOgOQtOZ6_w1QFj-hF-RKkIxm4BxTd9q7ucPexwZF6IxMhXJG-g0\"><\/p>\n\n\n\n<p class=\"has-text-align-center\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/5JNTpm7RxNN2PyiofclOAXs67VexG846zonZ-ndAu-igGM-qsGVCLOvdQieNg6tuDIpZ54nY-hQkG-UxejP9-53Nqa0-3hWQ5tqJshsQu1iZ4d2ljb-E2s2F39z64Kp56f7tuVsb\" width=\"602\" height=\"259\"><\/p>\n\n\n\n<p>However, this has not provided any comfort nor reassurance to QOIN hodlers or investors.&nbsp;<\/p>\n\n\n\n<p>One user posted &#8211; \u201cQoin is a TOTAL joke. Stay well clear of this business and it\u2019s dirty dodgy deals\u201d.&nbsp;<\/p>\n\n\n\n<p>Another user says the company is not operating in line with its vision and mission statement.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/roQ3DbwVAYjT8Z8vbzD-rWRuv1iw7CTSwhmv8RFOf2l_Dh7KW5wZsGr0ZkKbaq-hIajwdg0xzlHr2LpXWexek4jrkBXONOMlG9ky79etMgTT2EImC0YfpaLWer31n9rKft9taObk\" alt=\"\"\/><\/figure><\/div>\n\n\n\n<p>QOIN hodlers have no option but let the lawsuit play out. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>2nd November 2021: A law firm based in Queensland, Australia named Salerno Law is going to sue BPS Financial. The lawsuit is on the claim of \u201cengaging in misleading and deceptive conduct, pyramid selling of financial products, and failing to comply with financial services regulations.\u201d It is seeking $100 million in damages.&nbsp; QOIN token is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14070"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=14070"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/14072"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=14070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=14070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=14070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}