Australia's market regulator has filed a civil lawsuit against former Blockchain Global director Liang "Allan" Guo.
The Australian Securities and Investments Commission (ASIC) announced in a press release on May 28 that Allan will face trial for "multiple breaches of director duties."
ASIC alleges that Allan repeatedly violated director duties in transactions involving client funds from the ACX exchange, claiming he made false and misleading statements regarding these transactions and failed to properly maintain books and records.
The now-liquidated Blockchain Global operated the ACX exchange from mid-2016 until December 2019, when the exchange collapsed, leaving clients unable to withdraw their assets.
According to a report by the Sydney Morning Herald at the time, during a review by the liquidators in 2022, the court learned that the ACX exchange used cash from client investments to purchase cryptocurrencies and mixed the funds into a unified pool.
ASIC stated that the liquidators of Blockchain Global estimate that the company owes over AUD 20 million (approximately USD 12.8 million) in unsecured creditor claims to former clients of the ACX exchange.
In November 2023, the liquidators reported that Blockchain Global owed unsecured creditors AUD 58.6 million (approximately USD 37.7 million), of which AUD 22.7 million (approximately USD 14.6 million) came from unsecured creditor claims from former clients of the cryptocurrency exchange.
ASIC indicated that after receiving the liquidators' report, it began an investigation into Blockchain Global in January 2024.
During the regulator's investigation into whether Allan committed any criminal offenses (including transferring funds from the collapsed exchange to pay his mortgage), he was prohibited from leaving Australia.
ASIC noted that Allan left Australia after the travel restriction expired in September 2024 and has not returned since.
Meanwhile, ASIC is seeking permission from the High Court to appeal a lower court ruling in another case supporting the fintech company Block Earner.
The regulator claims that the cryptocurrency company's fixed income service is not a financial product.
Related: Third suspect arrested in New York cryptocurrency kidnapping torture case
Original article: “Australian Regulator Files Lawsuit Against Former Blockchain Global Director”
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