Australia sues ex-crypto exchange director for allegedly mismanaging user funds

The Australian Securities and Investments Commission (ASIC) announced civil penalty proceedings against Allan Guo, the former executive behind defunct cryptocurrency exchange ACX, for breach of duties.ACX Exchange operated from 2016 until it collapsed in 2019, rendering customers unable to withdraw funds. Blockchain Global, the company behind ACX, owes over AU$22.7 million ($14.6 million) in unsecured creditor claims to customers of the exchange, ASIC said.Amid the collapse, Guo allegedly mismanaged ACX customer funds, misrepresented dealings, and failed to maintain proper records, ASIC said.ASIC started its investigation on Blockchain Global in January 2024 after liquidators assigned to the company filed a detailed report to the commission in November 2023, presenting potential breaches of the Corporations Act by Guo and other employees.The commission placed a travel ban on Guo in February 2024 to prevent him from exiting the country. However, Guo left Australia in September that year after the travel ban was lifted and has not returned to the country since, ASIC said.Other former directors of Blockchain Global — Samuel Xue Lee and Ryan Zijang Xu — are also under investigation by ASIC.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.