Cryptocurrency Promoter Convicted for Unlicensed Financial Advice

The Sydney District Court has found John Bigatton, a key figure in promoting the now-defunct cryptocurrency exchange Bitconnect, guilty of offering financial advice without a license. Between August 2017 and January 2018, Bigatton promoted Bitconnect through seminars and social media, breaching regulations set by the Australian Securities and Investments Commission (ASIC). Despite claiming Bitconnect's superiority over traditional investments and predicting high returns, Bigatton lacked the required financial services license. As a result, he is barred from managing corporations for five years. This case highlights the importance of regulatory compliance in the crypto industry. In a related incident, Bitconnect's founder, Satish Kumbhani, faces legal action in the US for defrauding investors of billions. The ASIC's actions against Bigatton and freezing of his assets signal a growing focus on enforcing laws in the digital asset space.