Australia’s financial regulator, ASIC, has initiated legal action against Liang “Allan” Guo, the ex-director of Blockchain Global. Guo is accused of breaching his duties as a director, particularly in relation to mishandling ACX Exchange customer funds. ASIC alleges that Guo provided false information about these dealings and failed to maintain proper records. The now-defunct Blockchain Global ran ACX Exchange from 2016 to 2019, when it collapsed, leaving customers unable to withdraw their assets. Liquidators discovered that customer funds were used to buy cryptocurrencies and mixed into a single fund. The company reportedly owed over 20 million Australian dollars to customers. Guo, who left Australia in 2024, is under investigation for potential criminal activities. ASIC is also seeking to appeal a court ruling in a separate case involving a fintech firm. The regulator contends that the firm's fixed-yield service is not a financial product. Read more AI-generated news on: https://app.chaingpt.org/news