Australian promoter of BitConnect guilty of unlicensed financial advice, regulator says

(Reuters) - The Sydney District Court has convicted John Bigatton, the Australian promoter of the now-defunct cryptocurrency exchange platform BitConnect, of providing unlicenced financial advice, the country's corporate regulator said on Monday. 

Bigatton provided unsolicited financial advice while promoting BitConnect in seminars and on social media between August 2017 and January 2018, the Australian Securities and Investments Commission (ASIC) said, disqualifying him from managing corporations for five years. 

Founded in 2016, BitConnect created a digital token called BitConnect Coin that could be changed for bitcoin, the popular cryptocurrency, to participate in the exchange's investment opportunities.

Full story at Yahoo News.