SEC Task Force Chief Says Crypto Traders Need to be Growups, Not Cry to Government
Australian Regulator Sues Ex-Director of Crypto Exchange ACX for Mishandling Funds
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Camomile Shumba
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By Camomile Shumba|Edited by Parikshit Mishra
May 28, 2025, 1:00 p.m.
- Allan Guo, the former director of the closed down Blockchain Global, will face court proceedings in Australia.
- “ASIC’s allegations against Mr Guo relate to his dealings with ACX Exchange customer funds, statements made about those dealings and obligations to keep proper books and records,” the regulator said.
Allan Guo, the former director of the closed down Blockchain Global, will face court proceedings in Australia over allegations that he mishandled customer funds of crypto exchange ACX, which was operated by Blockchain Global.
The Australian Securities and Investments Commission (ASIC) is bringing civil penalty proceedings in the Federal court against Guo and his involvement in the running of ACX Exchange, which collapsed in December 2019, leaving customers in the dark and unable to withdraw funds.
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“ASIC’s allegations against Mr Guo relate to his dealings with ACX Exchange customer funds, statements made about those dealings and obligations to keep proper books and records,” the regulator said in a post on Wednesday.
Investigations have been ongoing since Blockchain Global collapsed in 2019. Liquidators found in proceedings that occurred from 2022 that the company owed around $59 million to its creditors and close to $22.8 million of that money belonged to creditors from the ACX Exchange.
Guo reportedly left Australia in September 2024, after a travel restraint against him expired in August. The travel restraint was put in place in February last year when ASIC said it was investigating Guo and two other directors from Blockchain Global, Samuel Xue Lee and Zijang (Ryan) Xu regarding their involvement in the collapse of the ACX Exchange.
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
