<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/asic-sues-asx-over-misleading-blockchain-project-statements/" data-wpel-link="internal">ASIC Sues ASX Over Misleading Blockchain Project Statements</a><br></p>
<p style="text-align: justify">Australia’s largest stock exchange, <strong>ASX</strong>, was sued by the country’s Securities and Investments Commission (ASIC) for allegedly making misleading statements about its <strong>Blockchain</strong> project. ASIC described the situation as a “collective failure of ASX management,” while ASX stated it is cooperating with the charges. The outcome of the lawsuit could deepen the crisis of confidence in the markets.</p> 
<h2 style="text-align: justify" id="australia-s-largest-exchange-asx-faces-legal-proceedings">Australia’s Largest Exchange ASX Faces Legal Proceedings</h2> 
<p style="text-align: justify">Australia’s leading securities exchange, ASX, was sued by the country’s regulatory body, the Securities and Investments Commission (ASIC), for allegedly making misleading statements about its <strong>Blockchain</strong> project. This lawsuit is seen as a development that could damage ASX’s reputation. ASIC’s allegations claim that ASX’s 2022 statements, which indicated the project was progressing as planned, were not truthful.</p> 
<p><img decoding="async" class="wp-image-379676 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/blockchain-17.jpg" alt="" width="740" height="415"></p> 
<p style="text-align: justify">ASX had announced that the Blockchain-based system, which had been in the testing phase for years and was planned to be launched in the first quarter of 2020, would replace the old system called CHESS. However, in November 2022, ASX announced the cancellation of this project. Reviews conducted by Accenture identified significant issues in the project’s design. This cancellation decision cost ASX approximately 250 million Australian dollars.</p> 
<h2 style="text-align: justify" id="criminal-investigation-following-asic-s-allegations">Criminal Investigation Following ASIC’s Allegations</h2> 
<p style="text-align: justify">ASIC filed a lawsuit against ASX for allegedly making misleading statements and has not yet disclosed the potential severity of the penalty. However, the maximum penalty ASX could face may exceed 500 million Australian dollars. This process could create a significant upheaval not only for ASX but also for the country’s <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">financial markets</a>.</p> 
<p style="text-align: justify">ASX stated that it is cooperating with ASIC’s allegations, with the company’s CEO Helen Lofthouse acknowledging the seriousness of the charges and stating that they are carefully examining the situation. This process has put significant pressure on ASX management, with increasing calls for ASX Chairman Damian Roche to resign.</p> 
<p style="text-align: justify">ASIC Chairman Joe Longo emphasized that ASX’s statements are critical for market reliability. According to Longo, ASX’s failure to accurately inform the community about the project’s progress severely undermined the confidence of investors and market participants. This lawsuit could question not only ASX’s but also the overall reliability of Australia’s financial markets.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/asic-sues-asx-over-misleading-blockchain-project-statements/" data-wpel-link="internal">ASIC Sues ASX Over Misleading Blockchain Project Statements</a></h5>
<p>The post <a href="https://en.coin-turk.com/asic-sues-asx-over-misleading-blockchain-project-statements/" data-wpel-link="internal">ASIC Sues ASX Over Misleading Blockchain Project Statements</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

ASIC Sues ASX Over Misleading Blockchain Project Statements

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