ASIC Sues Ex-Crypto Director for Fund Mismanagement
The Australian Securities and Investments Commission (ASIC) has filed civil proceedings against Allan Guo, former director of the now-defunct cryptocurrency exchange ACX, for allegedly breaching his duties by mismanaging customer funds and providing false information. ACX operated from 2016 until its downfall in 2019, subsequently leaving users without access to their funds. ASIC reports that Blockchain Global, the company behind ACX, owes over AU$22.7 million in unsecured creditor claims. An investigation began in January 2024 after a report from liquidators highlighted violations of the Corporations Act by Guo and others. The commission imposed a travel ban on Guo in February 2024, but he left Australia in September. Directors Samuel Xue Lee and Ryan Zijang Xu are also under investigation.
FAQ
❓ What actions has ASIC taken against Allan Guo?
ASIC has initiated civil penalty proceedings against Guo for mismanaging funds and failing to keep accurate records.
❓ What happened to the ACX exchange customers?
Customers were unable to withdraw funds after ACX collapsed in 2019, and the company owes millions in unsecured claims.