Australia’s ASIC Files Civil Proceedings Against Former Blockchain Global Director

Allan Guo faces allegations of mishandling customer funds at ACX Exchange, with ASIC pursuing civil penalties following the exchange's collapse in 2019.

199d ago

Summary

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.

Terms & Concepts

ASIC: The Australian Securities and Investments Commission, responsible for regulating financial services and markets in Australia.
directors' duties: Legal obligations that directors owe to the company and its shareholders, including acting in good faith and avoiding conflicts of interest.
unsecured creditors: Creditors who do not have a secured interest in the assets of a debtor and are at greater risk of not being repaid in bankruptcy.