They are a BNPL provider. That is the area that needs to be...

They are a BNPL provider. That is the area that needs to be regulated - and that is the definition of what they are.

They are not a bank offering a credit card - which can then be used for cash advances on goods, drugs, gambling or whatever else.

They are not a retailer providing lay-buy (which under your 'catch-all' definition of a credit provider would have to be included as it is not that different in credit theory to what APT do - i.e. there is still an obligation for future payment).

They have been pretty clear that BNPL is a new product - and as such should be regulated as its own product. Just because you don't like it, that doesn't mean they haven't been very clear about their opinion on where they sit.

If you think they have been misleading the market - you should report it to the ASX and ASIC - let us know how you get on....