Latest news with #BlockchainGlobal
Yahoo
28-05-2025
- Business
- Yahoo
Australian Regulator Sues Ex-Director of Crypto Exchange ACX for Mishandling Funds
Allan Guo, the former director of the closed down Blockchain Global, will face court proceedings in Australia over allegations that he mishandled customer funds of crypto exchange ACX, which was operated by Blockchain Global. The Australian Securities and Investments Commission (ASIC) is bringing civil penalty proceedings in the Federal court against Guo and his involvement in the running of ACX Exchange, which collapsed in December 2019, leaving customers in the dark and unable to withdraw funds. "ASIC's allegations against Mr Guo relate to his dealings with ACX Exchange customer funds, statements made about those dealings and obligations to keep proper books and records," the regulator said in a post on Wednesday. Investigations have been ongoing since Blockchain Global collapsed in 2019. Liquidators found in proceedings that occurred from 2022 that the company owed around $59 million to its creditors and close to $22.8 million of that money belonged to creditors from the ACX Exchange. Guo reportedly left Australia in September 2024, after a travel restraint against him expired in August. The travel restraint was put in place in February last year when ASIC said it was investigating Guo and two other directors from Blockchain Global, Samuel Xue Lee and Zijang (Ryan) Xu regarding their involvement in the collapse of the ACX Exchange. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Express Tribune
28-05-2025
- Business
- Express Tribune
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 Listen to article 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 ► — 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.
CNA
28-05-2025
- Business
- CNA
Australia sues ex-director of crypto exchange Blockchain Global over alleged duty breaches
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. 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. ($1 = 1.5562 Australian dollars)
Reuters
28-05-2025
- Business
- Reuters
Australia sues ex-director of crypto exchange Blockchain Global over alleged duty breaches
May 28 (Reuters) - 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. 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. ($1 = 1.5562 Australian dollars)
Yahoo
28-05-2025
- Business
- Yahoo
Australia sues ex-director of crypto exchange Blockchain Global over alleged duty breaches
(Reuters) -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. 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. ($1 = 1.5562 Australian dollars)
