Australian Man Pleads Guilty to Promoting BitConnect

An Australian man has admitted his role in promoting cryptocurrency lending services for the now-defunct crypto exchange BitConnect, a notorious entity accused of operating as a Ponzi scheme and defrauding victims of over $2.4 billion before shutting down in 2018. “Mr. Bigatton provided financial product advice without holding an Australian Financial Services license or authorization to provide financial services about the lending platform,” the Australian Securities and Exchange Commission (ASIC) stated on May 17. ASIC claimed that John Louis Anthony Bigatton, in his capacity as BitConnect’s national promoter, gave financial product advice on six occasions at different locations across Australia,