The Australian Securities and Investments Commission (ASIC) has initiated civil penalty proceedings against Allan Guo, former director of Blockchain Global, for allegedly mishandling customer funds at ACX Exchange. ASIC's allegations include improper management of funds, false statements about transactions, and failure to maintain adequate records. The ACX Exchange collapsed in December 2019, leaving over A$20 million owed to unsecured creditors. Guo left Australia in September 2024 after travel restrictions were lifted, and ASIC is considering potential criminal charges against him.