Australian regulator takes former Blockchain Global director to court

Odaily News The Australian Securities and Investments Commission (ASIC) has filed civil proceedings against Allan Guo, former director of Blockchain Global, alleging that he had breached his director duties. Specifically:
1. Illegal handling of ACX Exchange customer funds;
2. Making false statements about the flow of funds;
3. Failure to properly preserve financial records.
ACX exchange collapsed in December 2019, and the liquidator's investigation showed that the company owed unsecured creditors 58.6 million Australian dollars (about 37.7 million US dollars), of which 22.7 million Australian dollars (about 14.6 million US dollars) were exchange customer funds. ASIC said Guo left the country after the travel ban expired in September 2024. The agency is appealing in a separate case, seeking to overturn the lower court's favorable ruling on the crypto company Block Earner. (Cointelegraph)