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Australian regulator, the Australian Securities and Investments Commission (ASIC), announced in a press release on July 15 that BitConnect promoter and Australian national John Bigatton was found guilty by the Sydney District Court for providing unlicensed financial advice/services between 2017 and 2018.
In promoting BitConnect, Bigatton used seminars and social media channels in Australia to advertise that the platform would outperform any term deposit and that BitConnect Coins would appreciate in value to at least $1,000.