Bitcoin

ASIC has initiated legal action against ASX Limited, the largest securities market operator in <a href="https://optimisus.com/market/market-news/hsbc-australia-to-block-all-customer-payments-to-crypto-exchanges/" rel="noopener noreferrer nofollow">Australia</a>, for allegedly making deceptive statements regarding a blockchain project aimed at modernizing its antiquated shareholding and settlement management system.The case centers around claims made by ASX in February 2022, whereby they expressed optimism about the blockchain project’s progress, asserting that it was “on-track” for a debut in April 2023 and was “progressing well.” ASIC contends that these statements were unfounded and misleading, as internal assessments conducted at the time indicated the opposite.ASX’s statements indicated that the project was progressing as intended and would achieve important milestones, including the go-live date in April 2023. The regulator argues that these statements were misleading and deceptive because the project was not progressing as planned, and ASX did not have a valid justification to claim that it would achieve the expected dates.The origin of the problem can be attributed to an external evaluation carried out by consulting firm Accenture, which revealed multiple design deficiencies and substantial difficulties, directly contradicting ASX’s public declarations.In November 2022, ASX decided to halt the blockchain project due to concerns raised by Accenture’s research, which indicated that the technology would not achieve the expected goals.Joe Longo, the Chair of ASIC, highlighted the wider significance of ASX’s purported misrepresentations, emphasizing that both firms and market participants depend on ASX’s communications to make well-informed decisions and investments. ASX has acknowledged the gravity of the accusations and pledged to conduct a comprehensive examination of the claims.DIGITALX, a Sydney-based asset manager, <a href="https://optimisus.com/news/crypto-news/australias-asx-approves-digitalxs-second-bitcoin-etf-set-to-list-on-july-12/" rel="noopener noreferrer nofollow">has been approved by the Australian Securities Exchange (ASX) to launch a Bitcoin ETF</a>, marking the second Bitcoin ETF approved by the country’s premier stock market.The ETF, partnered with K2 Asset Management and 3iQ, aims to attract new market participants and help institutional investors incorporate Bitcoin and digital assets into their portfolios.

ASIC sues Australia’s ASX for allegedly misleading claims about its halted blockchain project

Optimisus

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