On 23 November 2021, Salerno Law filed in the Federal Court of Australia the first ever cryptocurrency class action in Australia on behalf of group members against Qoin and its related entities. The Proceeding gained considerable press coverage and interest when filed and also over the last 12 months during its progress in the Federal Court of Australia.

In early November 2022, Salerno Law entered into an arrangement with Banton Group, with the inclusion of its litigation funder, whereby Banton Group would take over the conduct of the Proceeding on behalf of the lead applicants. On 17 November 2022, Banton Group filed a Notice of Acting in the Federal Court of Australia confirming its position on the record for the lead applicants in the Proceeding.

Banton Group are one of Australia’s leading class action law firms and have acted in some of Australia’s largest class actions. Accordingly, Banton Group are extremely well placed to ensure that lead applicants and group members achieve the best possible result in the Proceeding. Salerno Law consider that the involvement of Banton Group to be a great positive for the aggrieved group members.

Of notable importance, on 24 October 2022 the Australian Securities and Investments Commission (ASIC) filed civil penalty proceedings in the Federal Court of Australia against BPS Financial Pty Ltd (the first respondent in the class action) for allegedly making false, misleading or deceptive representations and engaging in unlicensed conduct in relation to a non-cash payment facility involving a crypto-asset token called, Qoin. In circumstances where ASIC has become involved by instituting its own proceedings, it supports the vision shown by Salerno Law in commencing the class action on behalf of group members.

Salerno Law consider it both an honour and a privilege to be the first law firm in Australia to commence a cryptocurrency class action. In this regard, Salerno Law thank all group members for their support and assistance during the Proceeding.

Salerno Law will continue to monitor the progress of the Proceeding and will provide a further comprehensive update at the conclusion of the Proceeding.

All enquiries from former, present and future group members, should be directed to Banton Group at +61 2 8076 8090 or info@bantongroup.com.