Thanks CT,
Yes, the BPX tokens are an important source of revenue, but playing Devil's Advocate, let's assume they are deemed a managed investment scheme.
Would BPG need to pay a fine?
Would BPG need to refund the monies receiced?
Would BPG just need to register BPX tokens as a MIS?
I don't know the answer to these Q's, but a bit of research on the last one...
It only costs $3,029 for a MIS ... but they would need to meet the criteria, which includes the AFS license there.
So a number of hurdles if BPG are forced down that path by ASIC, which BPG are obviously trying to avoid.
Let's assume BPG then try to register a MIS, that will set them back for both costs and time. They'd need to sit an exam, obtain a AFS license etc. Painful process just do they can sell BPX tokens.
BPG may consider not registering BPX tokens as a MIS, in which case they lose a source of revenue (and pay back any bought to date), but that could lead to them concentrating on relisting and recompliance ASAP?
ASX have updated their guidance notes on recompliance as of March 2018, so it's a bit more comprehensive now.
From what I re-read (and IANAL), the reason BPG are in suspension problem stems from the fact that existing shareholders did not vote on the change in Business activities prior to the time when BPG announced they were going into the crypto exchange business (I.e. June 2017 announcement ; deal with SoarLabs). Nor did they get SH approval thereafter.
https://www.asx.com.au/documents/rules/gn12_changes_to_activities.pdf
It seems BPG will need to go through a load of criteria for ASX and advise SH before they can undertake these new activities.
Note the above... ( @villn808 ), this can be interpreted that BPG can't promote their new activities without SH approval?
BPG are probably breaking a whole heap of other requirements/compliance with their "Full Steam Ahead" approach to getting BPX over the line, so I'm anticipating more slaps on the wrist by ASX before BPG relist (if ever)
Just my thoughts with a bit more resear ch to back up.
If you're still reading @ct , I hold ordinary shares, not options! If you want, how about 0.003 /share now, I'll pop them in escrow, and you can exercise them in July for a further 0.003 /share? Deal ? 
