ASIC bans former BitConnect representative from providing financial services for seven years

Maria Nikolova

In connection with his promotion of BitConnect, John Louis Anthony Bigatton provided unlicensed financial product advice.

The Australian Securities & Investments Commission (ASIC) today announces that it has banned John Louis Anthony Bigatton from providing financial services for seven years.

Between August 2017 and January 2018, Mr Bigatton was the Australian National Representative of an online cryptocurrency platform BitConnect and cryptocurrency investment scheme BitConnect Lending Platform.

The regulator found that, in connection with his promotion of BitConnect and the BitConnect Lending Platform, Mr Bigatton provided unlicensed financial product advice and engaged in conduct, in relation to financial products and financial services, which was misleading or deceptive or was likely to mislead or deceive.

ASIC also determined that Mr Bigatton:

  • is not a fit and proper person to provide financial services;
  • is not adequately trained, or is not competent, to provide a financial service or financial services; and
  • is likely to contravene a financial services law.

Mr Bigatton has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision

ASIC’s investigation into this matter is continuing.

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