Key Insights
- ASIC has filed civil penalty proceedings against Allan Guo, former executive of collapsed crypto exchange ACX, over alleged breaches of corporate duties.
- Guo is accused of mismanaging customer funds, making misleading statements, and failing to keep proper records.
SYDNEY (MarketsXplora) – The Australian Securities and Investments Commission (ASIC) has launched civil penalty proceedings against Liang (Allan) Guo, the former executive of collapsed cryptocurrency exchange ACX, citing multiple breaches of corporate duties.
ACX Exchange, which operated from 2016 until its sudden collapse in 2019, left customers unable to access or withdraw funds. The platform was run by Blockchain Global, a Melbourne-based company that now owes over AU$22.7 million (US$14.6 million) in unsecured creditor claims from former users of the exchange, according to ASIC.
What exactly is Allan Guo accused of by ASIC?
In a statement, the regulator alleged that Guo mismanaged customer funds, made misleading representations regarding the operations of ACX, and failed to maintain proper financial and operational records in line with the Corporations Act.
ASIC’s investigation into Blockchain Global began in January 2024, triggered by a comprehensive report filed in November 2023 by the company’s liquidators. The report detailed possible breaches of corporate law by Guo and other former employees.
As the probe unfolded, ASIC imposed a travel ban on Guo in February 2024 to prevent him from leaving Australia. However, the regulator said Guo departed the country in September after the travel restrictions were lifted and has not returned since.
Other former directors of Blockchain Global, Samuel Xue Lee and Ryan Zijang Xu, are also under ongoing investigation by the corporate regulator.