Australia's ASIC sues Blockchain Global former Exec over global crypto breach
Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. PHOTO: REUTERS
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Australia's corporate regulator said on Wednesday that it has initiated civil penalty proceedings against Liang (Allan) Guo, a former director of the failed cryptocurrency exchange firm Blockchain Global, alleging multiple breaches of duties.
The Australian Securities and Investments Commission's allegations in the federal court are in relation to Guo's involvement in Blockchain Global's operation of a cryptocurrency exchange platform, ACX Exchange, which collapsed around December 2019, when customers began being unable to withdraw funds or cryptocurrency from their accounts.
ASIC Sues Former Blockchain Global Exec Over $20M in Unpaid Customer Claims
► https://t.co/3SE5suFgs5 https://t.co/3SE5suFgs5
— Decrypt (@DecryptMedia) May 28, 2025
The allegations relate to Guo's dealings with ACX Exchange customer funds, statements made about those dealings and obligations to keep proper books and records.
The regulator had started an investigation into the firm in January 2024, following a receipt of a report from the firm's liquidators, which said that Blockchain Global owed around A$58 million ($37.3 million) to unsecured creditors as of October 2, 2023.
Guo was barred from leaving the country in February 2024, but left Australia on September 23, 2024, following the expiry of his travel restraint orders, the regulator said.
Blockchain Global had no published contact information and could not immediately be reached for comment.
The firm's liquidator, Andrew Yeo, did not immediately respond to Reuters' request for comment.
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