The Australian Securities and Investments Commission (ASIC) announced civil penalty proceedings against Allan Guo, the former executive behind defunct cryptocurrency exchange ACX, for breach of duties.
ACX Exchange operated from 2016 until it collapsed in 2019, rendering customers unable to withdraw funds. Blockchain Global, the company behind ACX, owes over AU$22.7 million ($14.6 million) in unsecured creditor claims to customers of the exchange, ASIC said.
Amid the collapse, Guo allegedly mismanaged ACX customer funds, misrepresented dealings, and failed to maintain proper records, ASIC said.
ASIC started its investigation on Blockchain Global in January 2024 after liquidators assigned to the company filed a detailed report to the commission in November 2023, presenting potential breaches of the Corporations Act by Guo and other employees.
The commission placed a travel ban on Guo in February 2024 to prevent him from exiting the country. However, Guo left Australia in September that year after the travel ban was lifted and has not returned to the country since, ASIC said.
Other former directors of Blockchain Global — Samuel Xue Lee and Ryan Zijang Xu — are also under investigation by ASIC.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
