TechFlow news: Australia's market regulator has filed civil proceedings against NGS Group’s blockchain mining companies, accusing them of breaching laws by providing financial services without proper licenses.
About $41 million in digital assets invested by more than 450 Australians has been placed under the management of three experts from independent advisory and restructuring firm McGrathNicol.
The Australian Securities and Investments Commission (ASIC) has charged NGS Crypto, NGS Digital, NGS Group, and the company’s sole directors—Brett Mendham, Ryan Brown, and Mark Ten Caten—with legal violations.
ASIC investigated the companies and is not currently seeking a complete shutdown of their operations, but is requesting interim and final injunctions to prohibit them from operating without a license.
