Qoin Booted from Blockchain Australia: A Ripple Effect in the Crypto Sphere

The Drama Unfolds

In a surprising twist in the Australian cryptocurrency landscape, Blockchain Australia has decided to sever ties with Qoin, a Gold Coast-based retail merchant crypto initiative. The expulsion announcement came swiftly following a formal summons issued on January 29, with the official notice of disciplinary action landing on February 19, reaffirming that Blockchain Australia wasn’t kidding around.

The Notice and the Fallout

Blockchain Australia’s decision to expel Qoin was backed by their constitution, stating that after reviewing a notice and response from Qoin, the board reached a resolution to terminate the membership. The notice even instructed the former member to cease using their logo and name, probably suggesting they are no longer part of the ‘cool kids’ club.

Qoin’s Response: A Tale of Accusations

Andrew Barker, Qoin’s chief marketing officer, lashed back at Blockchain Australia, calling their statements thoroughly misleading. According to him, the national association opted to “attack rather than support” a project that claims a vast network of over 400 families and 28,000 retail merchants. Now, that’s what you call a dramatic comeback!

The Allegations: From Praise to Poison

With allegations swirling that Qoin functions as a crypto pyramid scheme, the situation has certainly escalated. Crypto commentator Alex Saunders didn’t hold back on Twitter, warning about Qoin collapsing and calling it the “biggest crypto scam in Australia.” Ouch! That’s like getting a slap on the wrist in a virtual world.

The Nitty-Gritty on Cashing Out

Qoin’s promotional materials boast about incentivizing commerce through crypto, citing participation from about 28,000 individuals. However, critics contend this ‘participation’ is more like a game of Monopoly, where people are left with colorful money but can’t cash out to buy the real properties. Barker countered these claims, asserting that Qoin operates within legal frameworks and collaborates with legal advisors, but the jury’s still out on that one.

The Wait for Comments

So far, Blockchain Australia has been suspiciously silent on the issue following their incendiary notice. Will we hear more about this crypto controversy? It’s a waiting game, folks. Stay tuned!