Australia Is Holding Former ACX Executive Accountable for Crypto Collapse
The Australian Securities and Investments Commission (ASIC) has filed civil penalty proceedings against Allan Guo, the former executive of failed cryptocurrency exchange ACX, over alleged misconduct and breaches of corporate duties.
ACX, which operated between 2016 and 2019, collapsed abruptly, leaving customers unable to access or withdraw their funds. According to ASIC, Guo played a key role in the exchange’s downfall by mismanaging user funds, failing to keep proper records, and misleading customers and stakeholders.
$14.6 Million Owed to ACX Customers
The collapse of Blockchain Global, the parent company behind ACX, left a trail of financial damage. ASIC reports that the firm owes over AU$22.7 million (US$14.6 million) to unsecured creditors, primarily users who lost money in the exchange’s failure.
The investigation into Guo’s conduct began in January 2024, triggered by a comprehensive report from the company’s liquidators submitted to ASIC in November 2023. That report outlined possible breaches of the Corporations Act by Guo and other employees involved in the company’s operations.
Broader Implications for Crypto Oversight
This case underscores growing regulatory pressure on crypto executives in Australia. ASIC’s move to hold Guo civilly liable highlights its commitment to enforcing financial accountability and protecting crypto investors.
As regulatory scrutiny intensifies globally, cases like this one may serve as a warning to crypto leaders: transparency, compliance, and proper governance are no longer optional.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
