Australian Securities & Investments Commission bans Ashod Ohan Balanian from managing corporations for five years over crypto fund company failures

The Australian Securities & Investments Commission (ASIC) has disqualified Ashod Ohan Balanian from managing corporations for the maximum period of five years, following findings of serious misconduct in his role as director of three failed companies involved in operating a cryptocurrency fund. The disqualification runs until 30 March 2031. Between May 2017 and May 2024, Mr Balanian was a director of Digital Commodity Assets Pty Ltd and DCA Capital Pty Ltd, which acted as trustee for the Digital Commodity Assets Fund, and Polychain Pty Ltd, which became the fund’s investment manager on 12 November 2022. ASIC found failures including not providing required reports to liquidators, being uncooperative and withholding assistance and documents, not ensuring adequate books and records, not exercising due care and diligence to meet tax and reporting obligations, not ensuring the fund was registered as a managed investment scheme, and not ensuring DCA Capital held an Australian financial services licence (AFS licence) or was an authorised representative. The decision relied on supplementary reports from the liquidators of the three companies. Mr Balanian may seek review by the Administrative Review Tribunal, and ASIC’s investigation into the companies’ affairs continues.