Helio Lending sentenced for false Australian credit score licence claims

Melbourne-based cryptocurrency lender Helio Lending Pty Ltd has been sentenced to a non-conviction bond for falsely claiming that it held an Australian credit score licence (ACL) when it didn’t.

Helio entered right into a recognisance within the sum of $15,000 for a interval of 12-months on the situation they’re of excellent behaviour.

Helio falsely represented in a information article showing on its web site in August 2019 that it held an acceptable credit score licence, ACL 391330. Helio was neither an ACL holder nor a consultant of an ACL holder on the time the assertion appeared.

On the time, Helio provided cryptocurrency-backed loans to customers utilizing the digital foreign money as safety over the mortgage.

Helio pleaded responsible to the conduct and this was taken into consideration upon sentencing. A second cost regarding alleged content material on the web site in February 2019 was withdrawn.

Helio was sentenced beneath part 19B(1)(d) of the Crimes Act 1914(Cth). The Australian Securities and Investments Fee (ASIC) notes that claiming that you’ve an ACL if you don’t is a breach of part 30 of the Nationwide Client Credit score Safety Act 2009.

ASIC introduced the launch of its motion in opposition to Helio again in April 2022.