TechFlow, May 28 — According to The Block, the Australian Securities and Investments Commission (ASIC) has filed civil penalty proceedings against Allan Guo, former director of the defunct ACX cryptocurrency exchange. Guo is accused of mismanaging customer funds, making misleading statements about trading activities, and failing to maintain proper records during the collapse of ACX in 2019. The company behind the exchange, Blockchain Global, still owes approximately $14.6 million to former users. ASIC launched its investigation in January 2024, and Guo left Australia in September of that year, without returning. Other former directors of the company, Samuel Xue Lee and Ryan Zijang Xu, are also under investigation.
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