The Australian Securities & Investments Commission has commenced civil penalty proceedings in the Federal Court against Mr Liang (Allan) Guo, a former director of Blockchain Global Ltd (in liquidation), alleging multiple breaches of directors’ duties connected with the company’s operation of the ACX Exchange cryptocurrency platform. ACX Exchange collapsed around December 2019 after customers began being unable to withdraw funds or cryptocurrency, with liquidators estimating the company owes over $20 million in unsecured creditor claims to former customers. The allegations focus on Mr Guo’s dealings with ACX Exchange customer funds, statements made about those dealings, and obligations to keep proper books and records. Liquidators were appointed on 11 February 2022 and reported to creditors on 1 November 2023 on potential Corporations Act breaches by current and former officeholders; as of 2 October 2023, they reported Blockchain Global owed $58,648,886 to unsecured creditors, including $22,753,442 in claims received from former ACX Exchange customers. ASIC’s investigation began in January 2024. Mr Guo left Australia on 23 September 2024 after the expiry of travel restraint orders and has not yet returned, and the proceedings will require him to face Court on the allegations.
Australian Securities & Investments Commission 2025-05-28
Australian Securities & Investments Commission sues former Blockchain Global director over alleged directors’ duties breaches linked to ACX Exchange collapse
ASIC has initiated civil penalty proceedings against Mr. Liang (Allan) Guo, former director of Blockchain Global Ltd, for alleged breaches of directors’ duties related to the ACX Exchange. The platform collapsed in December 2019, with over $20 million in unsecured creditor claims. Allegations involve mishandling customer funds and record-keeping. Mr. Guo left Australia in September 2024.