Australian Securities & Investments Commission (ASIC) Files Lawsuit Against Collapsed Cryptocurrency Exchange Platform (ACX Exchange) Blockchain Global ex-Director Allan Liang Guo for Breaching Duties as Director, Company Owed $37 Million (AUD 58.6 Million) to Customers & Creditors, Customers Unable to Withdraw from ACX Exchange Account after Collapse in 2019 December
29th May 2025 | Hong Kong
The Australian Securities & Investments Commission (ASIC) has filed a lawsuit against collapsed cryptocurrency exchange platform (ACX Exchange) Blockchain Global ex-Director Allan Liang Guo for breaching duties as director. The collapsed company (Blockchain Global) owed $37 million (AUD 58.6 million) to customers & creditors, with customers unable to withdraw from ACX Exchange account after collapse in 2019 December. Announcement (28/5/25): “A former director of Blockchain Global Ltd (in liquidation), Mr Liang (Allan) Guo, will face Court on allegations relating to multiple breaches of his directors’ duties. ASIC has brought civil penalty proceedings in the Federal Court relating to Mr Guo’s involvement in Blockchain Global’s operation of a cryptocurrency exchange platform, known as the ACX Exchange, which collapsed in around December 2019 when customers began being unable to withdraw funds or cryptocurrency from their ACX Exchange accounts. The liquidators of Blockchain Global estimate that the company owes over $20 million in unsecured creditor claims to former customers of the ACX Exchange. ASIC’s allegations against Mr Guo relate to his dealings with ACX Exchange customer funds, statements made about those dealings and obligations to keep proper books and records. Background – From around mid-2016 until its collapse in around December 2019, Blockchain Global operated a cryptocurrency exchange platform known as the ACX Exchange, which allowed customers to buy, sell and store cryptocurrency. On 11 February 2022, Liquidators were appointed to Blockchain Global. On 1 November 2023, the Liquidators lodged with ASIC a detailed report to creditors outlining potential breaches of the Corporations Act by current and former officeholders of Blockchain Global, including Mr Guo, and concluded that as of 2 October 2023 Blockchain Global had $58,648,886 owing to unsecured creditors, of which $22,753,442 were unsecured creditor claims received from former customers of the ACX Exchange. ASIC commenced an investigation in January 2024. On 23 September 2024, Mr Guo left Australia following the expiry of travel restraint orders (24-030MR) and has not yet returned.”
“ Australian Securities & Investments Commission (ASIC) Files Lawsuit Against Collapsed Cryptocurrency Exchange Platform (ACX Exchange) Blockchain Global ex-Director Allan Liang Guo for Breaching Duties as Director, Company Owed $37 Million (AUD 58.6 Million) to Customers & Creditors, Customers Unable to Withdraw from ACX Exchange Account after Collapse in 2019 December “
Australian Securities & Investments Commission (ASIC) Files Lawsuit Against Collapsed Cryptocurrency Exchange Platform (ACX Exchange) Blockchain Global ex-Director Allan Liang Guo for Breaching Duties as Director, Company Owed $37 Million (AUD 58.6 Million) to Customers & Creditors, Customers Unable to Withdraw from ACX Exchange Account after Collapse in 2019 December
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