Australian Securities and Investments Commission warns against trading with Yepbit, citing inability to withdraw funds and false regulatory claims

TechFlow reports, on August 12, the Australian Securities and Investments Commission (ASIC) issued a warning stating that Yepbit and Yepbit Exchange have received complaints from multiple investors regarding withdrawal issues. ASIC pointed out that the platform claimed the Australian Securities and Investments Commission froze user funds to comply with audit or regulatory requirements; such claims are false and aim to deflect investor refund requests.

Meanwhile, Yepbit does not hold an Australian Financial Services license and is not registered as a Virtual Asset Service Provider. The Australian Securities and Investments Commission has taken down multiple websites related to Yepbit and added them to the investor alert list, reminding consumers to remain highly vigilant against unverified investment platforms.