The Australian market regulator has filed civil trials against Liang “Allan” Guo, the former director of Blockchain Global.
Guo will face the court in “allegations related to many violations of his directors’ role,” the Australian Securities and Investments Commission Says On a release of 28th.
The ASIC allegedly Guo has made many violations of the duties of the directors in connection with his dealings with the ACX exchange customer funds, and claimed to have made the wrong and misconceptions about those dealings and failed to maintain proper books and records.
It now has a liquid blockchain global operating the ACX exchange from mid-2016 to December 2019, when it collapsed because customers could no longer remove their properties.
During the Liquidator’s review in 2022, the courts were told that the ACX Exchange took the cash invested by its customers to buy crypto and combined funds with a pool fund, the Sydney Morning Herald reported At the time.
Blockchain Global Liquidators estimated that the company owes more than 20 million dollars Australia ($ 12.8 million) to the unsafe claim of Creditor to former ACX exchange customers, ASIC said.
In November 2023, liquidators reported that Blockchain Global had 58.6 million dollars of Australia ($ 37.7 million) debt to unsafe creditors. In that total, Australia’s 22.7 million dollars ($ 14.6 million) unsafe claims to lenders received from former customers of Crypto exchange.
Not in the country, asic says
ASIC said it started investigating Blockchain Global in January 2024 following a liquidator report.
Related: Australia outlined the crypto regulation plan, promising dedicated action
Guo is banned from leaving the country While the regulator is investigating whether he has committed any criminal offenses, along with the transfer of money from the crumble to repay his debt.
Guo left Australia in September 2024 after the orders of travel restraint were expired, and he had not returned, he mentioned.
ASIC, meanwhile separate cases.
The regulator claimed the Crypto company’s organized income service was not a financial product.
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