John Bigatton, a prominent promoter of the defunct cryptocurrency exchange Bitconnect, has been convicted by the Sydney District Court for providing unlicensed financial advice. Between August 2017 and January 2018, Bigatton promoted Bitconnect through seminars and social media without the required financial services license, as reported by the Australian Securities and Investments Commission (ASIC). Due to this conviction, he is now disqualified from managing corporations for five years. Bitconnect, founded in 2016, offered a digital token called BitConnect Coin, which could be exchanged for Bitcoin. Bigatton made bold claims during seminars, suggesting that BitConnect was superior to traditional term deposits
