The Australian Securities and Investments Commission (ASIC) has initiated civil proceedings against Liang "Allan" Guo, a former director of Blockchain Global, the operator of the now-defunct ACX Exchange. These proceedings allege serious breaches of directors’ duties linked to the collapse of ACX, including mismanagement and misuse of customer funds.
ASIC’s complaint claims that Guo failed to maintain proper financial records and made false and misleading statements regarding the handling of customer assets. The ACX Exchange, run by Blockchain Global from 2016 until its collapse in late 2019, froze withdrawals and eventually entered liquidation in February 2022. Liquidators reported that more than 58 million Australian dollars in debt remain, including over 22 million Australian dollars owed to former ACX customers.
Investigations revealed that customer deposits were improperly commingled into pooled funds rather than segregated accounts, with some company funds allegedly diverted for personal expenses such as mortgage payments. Guo faced interim travel restraints starting in February 2024 but left Australia after the orders expired in September 2024 and has not returned since. ASIC is also considering criminal charges related to his conduct.
This legal action forms part of a wider regulatory push in Australia towards stricter oversight of digital asset platforms. The Treasury has proposed new licensing requirements for platforms holding customer funds, and AUSTRAC warned of deregistration risks for inactive exchanges that could be exploited for fraud and money laundering.