Australian Regulator Shuts Down Digital Asset Platform Yepbit, Denies Freezing User Funds

The Australian Securities and Investments Commission (ASIC) has announced the shutdown of multiple websites associated with the digital asset platform Yepbit and has warned users against trading with the platform. ASIC received reports from several investors claiming they were unable to withdraw funds from the platform. Yepbit claims to offer digital asset and futures trading services globally, including to Australian investors. ASIC stated that Yepbit fabricated claims that 'ASIC froze funds' as a tactic to delay refund requests from investors. Yepbit does not hold an Australian financial services license and is not registered with AUSTRAC as a virtual asset service provider. ASIC reminds investors to verify whether a platform holds the necessary licenses and to exercise extreme caution with investment opportunities that cannot be verified.