BitConnect platform promoter John Bigatton received a 5-year ban for managing firms.
The BitConnect platform crashed in 2018, causing significant losses to users in Australia.
Australian Defunct platform BitConnect’s former promoter was convicted on Friday at a District Court in Wales, Sydney. John Bigatton was found guilty of providing unlicensed financial advice during the span of August 2017 to January 2018. He is currently sentenced to a three years of ‘good behavior recognizance’ and a five-year ban for managing firms.
Bigatton promoted the BitConnect platform on his social media and seminars without any authorized license from Australian regulatory bodies. The Australian Securities & Investments Commission (ASIC), following his promotions, applied to the Federal Court to freeze the former promoter’s assets including his crypto holdings in 2018.
Moreover, the ASIC’s Monday statement regarded the incident as an example for the citizens to understand
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