Photo: Cointelegraph
Blockchain Australia has terminated Qoin’s membership of the association amid allegations that the crypto project is a pyramid scheme.
According to Qoin’s website, the project works by incentivizing retail merchants to accept the crypto with over 28,000 participants according to the website. However, critics like Saunders say members are unable to cash out from the system.
When asked to comment on scam allegations, Barker said, “We are not aware of any allegations of fraud put forward to Qoin. As per the qoin.world website we emphasise to you that the Qoin Association engages frequently with its legal advisors. We continue to operate within the necessary regulatory guidelines and licensing in Australia and New Zealand as we will within each country as we expand over the coming months.“
Blockchain Australia did not immediately respond to Cointelegraph’s request for comments.
Reprinted from Cointelegraph, the copyright all reserved by the original author.
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