{"id":130148,"date":"2025-05-28T07:15:53","date_gmt":"2025-05-28T07:15:53","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=130148"},"modified":"2025-05-28T07:15:53","modified_gmt":"2025-05-28T07:15:53","slug":"australian-regulator-takes-former-blockchain-global-director-to-court","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=130148","title":{"rendered":"Australian regulator takes former Blockchain Global director to court"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsAustralia\u2019s markets regulator has filed civil proceedings against Liang \u201cAllan\u201d Guo, the former director of Blockchain Global.\u00a0<br \/>\nGuo will face the court on \u201callegations relating to multiple breaches of his directors\u2019 duties,\u201d the Australian Securities and Investments Commission said in a May 28 press release.<br \/>\nASIC alleged Guo made multiple breaches of directors\u2019 duties relating to his dealings with ACX Exchange customer funds, and claimed he made false and misleading statements about those dealings and failed to maintain proper books and records.\u00a0<br \/>\nThe 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.\u00a0<br \/>\nDuring liquidator\u2019s examinations in 2022, the courts were told that ACX exchange took the cash invested by its customers to buy crypto and mingled the funds into one pooled fund, the Sydney Morning Herald reported at the time.\u00a0<br \/>\nThe liquidators of Blockchain Global estimate that the company owed over 20 million Australian dollars ($12.8 million) in unsecured creditor claims to former customers of the ACX Exchange, ASIC said.<br \/>\nIn November 2023, liquidators reported that Blockchain Global had 58.6 million Australian dollars ($37.7 million) owed to unsecured creditors. Of that total, 22.7 million Australian dollars ($14.6 million) were unsecured creditor claims received from former customers of the crypto exchange.<br \/>\nGuo not in country, ASIC says<br \/>\nASIC said it began investigating Blockchain Global in January 2024 following the liquidators\u2019 report.\u00a0<br \/>\nRelated: Australia outlines crypto regulation plan, promises action on debanking<br \/>\nGuo was banned from leaving the country as the regulator investigated whether he committed any criminal offences, including transferring money from the collapsed exchange to pay his mortgage.<br \/>\nGuo left Australia in September 2024 after travel restraint orders expired, and he hasn\u2019t returned, it noted.\u00a0<br \/>\nMeanwhile, ASIC is seeking the High Court\u2019s permission to appeal a lower court\u2019s ruling in favor of fintech firm Block Earner in a separate case.\u00a0<br \/>\nThe regulator claimed the crypto company\u2019s fixed-yield earning service was not a financial product.<br \/>\nMagazine: Bitcoin bears eye $69K, CZ denies WLF \u2018fixer\u2019 rumors: Hodler\u2019s Digest<a href=\"https:\/\/cointelegraph.com\/news\/australian-regulator-legal-action-former-blockchain-global-director?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsAustralia\u2019s markets regulator has filed civil proceedings against Liang \u201cAllan\u201d Guo, the former director of Blockchain Global.\u00a0 Guo will face the court on \u201callegations relating to multiple breaches&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130148"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130148"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130148\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130148"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}