NGS Crypto operated without a financial licence for five years

Language guaranteeing returns can trigger laws around financial advice or misleading and deceptive conduct. But in an alleged contravention of laws that seek to protect consumers from self-interested operators, the firm only had a licence to give advice for the six months between January and August, according to documents from a public register. During this time, it was an authorised representative of Sydney-based investor Sapien Capital Partners. It is unclear why NGS Crypto ceased using Sapien's licence. NGS Crypto still lists Sapien's licence on policies on its website. Sapien did not respond to request for comment. "ASIC is aware of…