28-5-2025 – The Australian Securities and Investments Commission (ASIC) has launched civil penalty proceedings against Allan Guo, once a key figure at the now-defunct ACX cryptocurrency exchange, accusing him of flagrant breaches of his directorial duties. Guo’s alleged mismanagement, including mishandling customer funds, misrepresenting business dealings, and failing to keep accurate records, lies at the heart of the case.
ACX Exchange, operated by Blockchain Global, ran from 2016 until its dramatic collapse in 2019, leaving customers stranded, unable to access their funds. ASIC reports that Blockchain Global owes unsecured creditors—primarily ACX customers—over AU$22.7 million ($14.6 million). The commission’s probe into the company’s downfall began in January 2024, spurred by a detailed liquidators’ report submitted in November 2023, which flagged potential violations of the Corporations Act by Guo and other staff.
In a bid to keep Guo accountable, ASIC imposed a travel ban in February 2024, barring him from leaving Australia. Yet, after the restriction was lifted, Guo departed the country in September 2024 and has not returned, according to the regulator. Meanwhile, ASIC’s scrutiny extends beyond Guo, with former Blockchain Global directors Samuel Xue Lee and Ryan Zijang Xu also under investigation for their roles in the exchange’s failure.
