Cryptocurrency lender Helio punished for making false License claims

Melbourne-based cryptocurrency lender Helio Lending Pty Ltd (Helio) has been sentenced to a non-conviction bond for falsely claiming that it held an Australian credit license (ACL) when it did not.

Helio entered into a recognizance in the sum of $15,000 for a period of 12 months on the condition they are of good behavior. Helio falsely represented in a news article appearing on its website in August 2019 that it held an appropriate credit license, ACL 391330. Helio was neither an ACL holder nor a representative of an ACL holder at the time the statement appeared.

At the time, Helio offered cryptocurrency-backed loans to consumers using digital currency as security over the loan.ASIC Deputy Chair Sarah Court said, ‘We expect entities and individuals to provide accurate information to their customers and potential customers. Helio falsely claimed that it held an Australian Credit license, misleading their customers to believe that they had the protections afforded by such a license.’

Helio pleaded guilty to the conduct and this was taken into account upon sentencing. A second charge relating to alleged content on the website in February 2019 was withdrawn. This matter was prosecuted by the Commonwealth Director of Public Prosecutions.

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