Australian Regulator ASIC Sues Ex-Blockchain International Director for Mishandling ACX Trade’s Funds
Allan Guo, the previous director of the closed down Blockchain International, will face courtroom proceedings in Australia over allegations that he mishandled buyer funds of crypto trade ACX, which was operated by Blockchain International.
The Australian Securities and Investments Fee (ASIC) is bringing civil penalty proceedings within the Federal courtroom towards Guo and his involvement within the operating of ACX Trade, which collapsed in December 2019, leaving prospects in the dead of night and unable to withdraw funds.
“ASIC’s allegations towards Mr Guo relate to his dealings with ACX Trade buyer funds, statements made about these dealings and obligations to maintain correct books and information,” the regulator stated in a submit on Wednesday.
Investigations have been ongoing since Blockchain International collapsed in 2019. Liquidators present in proceedings that occurred from 2022 that the corporate owed round $59 million to its collectors and near $22.8 million of that cash belonged to collectors from the ACX Trade.
Guo reportedly left Australia in September 2024, after a journey restraint towards him expired in August. The journey restraint was put in place in February final 12 months when ASIC stated it was investigating Guo and two different administrators from Blockchain International, Samuel Xue Lee and Zijang (Ryan) Xu relating to their involvement within the collapse of the ACX Trade.
