BitConnect spruiker banned by ASIC

The Australian representative of the notorious BtiConnect crypto currency pyramid scheme has copped a multi-year ban by the financial services watchdog.

John Biggaton was deemed by the Australian Securities and Investments Commission to be not a fit and proper person to provide financial services.

Biggaton was also found likely to contravene a financial services law, ASIC said.

The New South Wales resident is now banned by ASIC from providing financial services.

BitConnect is thought to be the largest crypto-currency scam so far, with over four billion dollars having vanished.

It closed down two years ago, having swindled a number of Australians out of their savings.