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- Australia has imposed a travel ban on former Blockchain Group director, Liang Guo, after ACX Exchange collapsed.
The Australian Securities & Investments Commission (ASIC) has secured an interim travel prohibition against a former Blockchain Global director, Liang Guo.
In a press release on Feb. 28, ASIC said it has obtained interim travel ban orders against Liang Guo, a former director of Blockchain Global Limited, the parent company of the now-defunct Australian crypto exchange ACX Exchange.
The orders prohibit Guo from leaving Australia until Aug. 20 or until further notice, the press release says.
See Also: Here’s Why The Australian Police Failed To Act On The HyperVerse Scam For Two Years
ASIC says the decision follows its investigation into Guo, along with two other Blockchain Global directors, Samuel Xue Lee and Zijang Xu, regarding their involvement in the collapse of ACX Exchange.
“As the hearing was held in his absence, Mr Guo has not yet had the opportunity to respond to ASIC’s application or the basis upon which ASIC claims the orders are necessary.”
ASIC asserts that ACX Exchange was in operation from approximately January 2016 until its closure around December 2019.
As reported by The Sydney Morning Herald, ASIC’s investigation revealed that during the period, ACX Exchange used $20 million of customer funds to provide a loan to support Blockchain Global.
In October 2021, the crypto exchange froze withdrawals for customers, owing creditors up to $50 million.
In November 2023, liquidators submitted a detailed report to ASIC, outlining potential breaches of the Corporations Act 2001 by current and former officeholders of Blockchain, including Guo, Lee, and Xu.
The next hearing for this case is scheduled for Mar. 12, though it is understood that Lee and Xu are residing overseas, complicating the legal proceedings.
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