On May 28, 2025, the Australian Securities and Investments Commission (ASIC) announced that it had filed civil proceedings against Allan Guo, a former director of Blockchain Global. The ASIC alleges that Guo is suspected of breaching his director’s duties, including mismanaging the funds of ACX Exchange customers, making false statements about the flow of funds, and failing to properly maintain financial records.
The now – liquidated Blockchain Global operated the ACX Exchange from mid – 2016 until December 2019, when it collapsed as customers could no longer withdraw their assets. Liquidator investigations showed that the company owed over 58.6 million Australian dollars (about $37.7 million) to unsecured creditors, of which 22.7 million Australian dollars (about $14.6 million) were claims from former ACX Exchange customers.
The ASIC began investigating Blockchain Global in January 2024 following the liquidators’ report. Guo was initially banned from leaving the country during the investigation into whether he committed any criminal offences, such as transferring money from the collapsed exchange to pay his mortgage. However, he left Australia in September 2024 after the travel restraint orders expired and has not returned.
Meanwhile, the ASIC is seeking the high court’s permission to appeal a lower court’s ruling in favor of fintech firm Block Earner in a separate case.
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