Australian regulator initiates legal proceedings against former CEO of crypto exchange ACX for misuse of client funds
Chamomile Shumba | Edited by Parikshit Mishra , May 28, 2025, 1:00 PM.
Allan Goh, the former director of the closely held Blockchain Global, is to stand trial in Australia on charges of misusing funds from clients of Blockchain Global-operated cryptocurrency exchange ACX.
The Australian Securities and Investments Commission (ASIC) has commenced civil proceedings in the Federal Court to fine Goh for his role in running ACX Exchange, which collapsed in December 2019, leaving customers without information and unable to withdraw their funds.
“ASIC’s allegations against Mr Goh relate to his conduct with client funds on the ACX Exchange, as well as representations made in relation to those conduct and obligations to maintain proper accounting records,” the regulator added in a statement on Wednesday.
The investigations have been ongoing since the collapse of Blockchain Global in 2019. Liquidators, who have been handling the proceedings since 2022, found that the company owed its creditors about $59 million, of which about $22.8 million belonged to creditors of the ACX exchange.
Guo reportedly left Australia in September 2024 after a travel ban expired in August. The ban was imposed in February last year when ASIC began investigating Guo and two other Blockchain Global directors, Samuel Xue Li and Zijiang (Ryan) Xu, for their roles in the collapse of the ACX exchange.
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