Australia imposes travel ban on ex-Blockchain Group director after ACX Exchange collapse

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The Australian Securities & Investments Fee (ASIC) has secured an interim journey prohibition in opposition to a former Blockchain International director.

In a press release on Feb. 28, ASIC stated it has obtained interim journey restraint orders in opposition to Liang Guo, a former director of Blockchain International Restricted, the father or mother firm of the now-defunct Australian crypto change ACX Exchange.

The orders prohibit Guo from leaving Australia till Aug. 20 or till additional discover, the press launch says. ASIC says the choice follows its investigation into Guo, together with two different Blockchain International administrators, Samuel Xue Lee and Zijang Xu, relating to their involvement within the collapse of ACX Trade.

“Because the listening to was held in his absence, Mr Guo has not but had the chance to reply to ASIC’s software or the premise upon which ASIC claims the orders are essential.”


ASIC asserts that ACX Trade was in operation from roughly January 2016 till its closure round December 2019. As reported by The Sydney Morning Herald, ASIC’s investigation revealed that in the course of the interval, ACX Trade used $20 million of buyer funds to offer a mortgage to assist Blockchain International. In October 2021, the crypto change froze withdrawals for patrons, owing collectors as much as $50 million.

In November 2023, liquidators submitted an in depth report back to ASIC, outlining potential breaches of the Firms Act 2001 by present and former officeholders of Blockchain, together with Guo, Lee, and Xu. The subsequent listening to for this case is scheduled for Mar. 12, although it’s understood that Lee and Xu are residing abroad, complicating the authorized proceedings.

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