Blockchain
By Steven Anderson
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ACX Exchange Collapse Left Millions in Unpaid Claims. Between 2016 and 2019, Blockchain Global ran the ACX Exchange, a digital currency trading platform…
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Allegations Include Mishandling of Customer Assets. ASIC’s civil case, filed in the Federal Court, focuses specifically on Mr.
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Legal and Regulatory Repercussions. ASIC’s decision to pursue civil penalties in Federal Court marks a serious escalation in…
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Blockchain Global and the ACX Legacy. Blockchain Global was once seen as a pioneer in Australia’s crypto space.
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A Growing Push for Crypto Oversight in Australia. ASIC’s case against Mr. Guo is part of a wider trend in Australia toward more stringent regulation…
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What Happens Next?. As ASIC’s lawsuit moves forward, Mr. Guo will have an opportunity to defend against the claims in…
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Australia’s top corporate regulator is turning its focus to cryptocurrency accountability, as the Australian Securities and Investments Commission (ASIC) has startedcivil penalty…
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The lawsuit stems from allegations that Mr. Guo failed in his duties as a director during the years leading up to ACX Exchange's collapse in late 2019.
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Between 2016 and 2019, Blockchain Global ran the ACX Exchange, a digital currency trading platform that allowed customers to buy, sell, and store cryptocurrencies.
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By December 2019, the platform had effectively collapsed. Withdrawals were halted without warning, and user accounts were frozen.
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Liquidators estimate that Blockchain Global owes more than $58 million to unsecured creditors. Of this, approximately $22.
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ASIC’s civil case, filed in the Federal Court, focuses specifically on Mr. Guo’s alleged misconduct during his time with Blockchain Global.
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ASIC asserts that Guo was involved in decisions and representations regarding customer assets that were misleading and failed to reflect the company's true financial position.
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These allegations follow a detailed investigation that ASIC began in January 2024, after reviewing the liquidators’ report filed the previous November.
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ASIC’s decision to pursue civil penalties in Federal Court marks a serious escalation in regulatory oversight of the cryptocurrency sector in Australia.
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