Travel Ban on Ex-Blockchain Global Head in $58M Meltdown
Crypto News

Travel Ban on Ex-Blockchain Global Head in $58M Meltdown

2 месяца назад

Australian authorities have banned a former director of the failed ACX crypto exchange from leaving the country as they investigate missing funds.

Travel Ban on Ex-Blockchain Global Head in $58M Meltdown

The Australian Securities and Investments Commission (ASIC) has secured interim travel restraint orders against former Blockchain Global Limited director Liang "Allan" Guo, barring him from leaving the country as the corporate regulator investigates the collapse of the crypto company.

The orders, granted by the Federal Court on February 20, prevent him from departing Australia until at least August 20, 2024. He has also been compelled to surrender any passports in his possession to authorities.

The ban comes as ASIC probes the implosion of ACX, a cryptocurrency exchange run by Blockchain Global, which collapsed in early 2020 with debts of AUD$58 million owed to creditors. Liquidators brought in to wind up the company flagged potential breaches of corporation law by directors in a report filed last November.

Alongside Mr. Guo, the regulator is looking into fellow directors Samuel Lee and Ryan Xu over their stewardship of ACX Exchange prior to its downfall after three years of operations. Both Mr. Lee and Mr. Xu are considered to have left the country following the exchange's collapse.

Justice Catherine Button endorsed ASIC's application for the urgent travel restraint, noting the allegations that investors' funds had been misused under Mr. Guo's watch for personal expenses, including mortgage repayments. She described the claims as "very serious."

With key suspects residing overseas, the court determined the former director posed a flight risk and his presence was required for questioning.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
0 people liked this article