Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), has blocked websites linked to the digital asset platform Yepbit following investor complaints about difficulties withdrawing funds. The regulator also publicly dismissed Yepbit’s claim that ASIC had frozen investors’ money, labeling the assertion as entirely false.
ASIC confirmed it received multiple complaints from Yepbit users who reported being unable to access their funds. In response, the regulator moved to block the platform’s websites to prevent further potential harm. The action is part of ASIC’s ongoing efforts to crack down on unlicensed or misleading digital asset services operating in Australia.
Yepbit had reportedly told its users that ASIC had frozen their funds, a statement that the regulator strongly denied. ASIC clarified that it had not taken any such action and warned investors to be cautious of platforms making false claims to explain withdrawal delays or other issues.
This development underscores the risks associated with using unregulated or offshore cryptocurrency platforms. Investors are reminded to verify whether a platform holds the necessary Australian Financial Services (AFS) licence and to be wary of any entity that blames regulators for fund access problems without official confirmation.
ASIC’s action also highlights the regulator’s increasing vigilance in the digital asset...
Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), has blocked websites linked to the digital asset platform Yepbit following investor complaints about d...