Australian frontman BitConnect got 7-year ban on providing financial services

Bit Team
1 min readSep 4, 2020

After a long investigation the Australian corporate regulator imposed a ban on BitConnect frontman John Luis Anthony Bigatton. This forbids Bigatton to provide any of the financial services in approximately 7 years. Apart from his participation in the scam, the regulator found out it was providing illegal services.

ASIC imposed a ban on Australian frontman

As Miragenews reported on Thursday, the Australian security and investment commission investigated the activity of one of the citizens — John Luis Anthony Bigatton and his case opened after the crash of BitConnect. After establishing his guilt, the regulator forbid the so-called ‘Australian frontman’ to provide any financial services for seven years.

At first the regulator pointed at that Bigatton lured Australians to put money into his fraudulent crypto project. Since August, 2017 till January, 2018, he promoted a sheme on crypto investment as at that time Bigatton was the BitConnect frontman. As reported, the investment platform conned its investors out of about $1 billion.

Apart from promoting fraudulent business, the defendant was involved in providing unlicensed financial consultations, products and some other services. The services provided by him were illegal and misleading, as reported by the corporate regulator.