ASIC Files Civil Proceedings Against Former Blockchain Global Director
The Australian Securities and Investments Commission (ASIC) has initiated civil proceedings against Mr. Liang "Allan" Guo, former director of Blockchain Global, for multiple breaches of directors' duties.
Key points include:
- Guo allegedly conducted transactions using customer funds from ACX Exchange and made false statements regarding these actions.
- He failed to maintain accurate financial records.
- ACX Exchange operated from 2016 until December 2019, during which users were unable to withdraw funds.
- Liquidators report that former users are owed over 20 million AUD ($12.8 million) in unsecured creditor claims.
- Blockchain Global owes a total of 58.6 million AUD ($37.7 million) to unsecured creditors, including 22.7 million AUD ($14.6 million) from former customers.
- A travel ban was imposed on Guo during the investigation into potential criminal offenses, which began in January 2024.
- The Australian government announced a new regulatory framework for cryptocurrency aimed at fostering innovation and user protection.