Australian Regulator ASIC Files Suit Against Former ACX Director Allan Guo
Allan Guo, former director of Blockchain Global, faces court proceedings in Australia for allegations of mishandling customer funds related to the collapsed crypto exchange ACX.
- The Australian Securities and Investments Commission (ASIC) is pursuing civil penalty actions against Guo in Federal court.
- ACX Exchange collapsed in December 2019, leaving customers unable to withdraw funds.
- ASIC's allegations include improper dealings with customer funds and failure to maintain accurate records.
- Investigation revealed Blockchain Global owed approximately $59 million to creditors, with about $22.8 million belonging to ACX customers.
- Guo left Australia in September 2024 after a travel restraint expired, which was imposed during the ongoing investigation into his and other directors' involvement in ACX's collapse.