Australian regulator takes former Blockchain Global director to court

The Australian Securities and Investments Commission (ASIC) has filed a civil lawsuit against Allan Guo, a former director of Blockchain Global, for allegedly breaching his duties as a director. The details include: handling ACX exchange client funds illegally; making false statements about the flow of funds; and failing to properly maintain financial records. ACX exchange collapsed in December 2019. Liquidators' investigation revealed that the company owed 58.60 million Australian dollars (about 37.70 million US dollars) to unsecured creditors, of which 22.70 million Australian dollars (about 14.60 million US dollars) were exchange client funds. ASIC said Guo left the country after the travel restriction order expired in September 2024 and did not return. The agency is appealing separately, seeking to overturn a lower court ruling in favor of crypto firm Block Earner.