Australia imposes travel ban on cryptocurrency executive Liang Guo
Key Takeaways
- Blockchain Global’s former director Liang “Allan” Guo has been restricted from leaving Australia due to an investigation into the company’s $37 million bond loss.
- The Australian Securities and Investments Commission (ASIC) obtained a court order on February 28 requiring Mr Guo to surrender his passport and restrict his travel until August 20.
- ASIC’s investigation focuses on Guo’s alleged mismanagement of funds and extends to other directors, highlighting the importance of regulatory compliance in the cryptocurrency industry.
Liang “Allan” Guo, former director of Melbourne-based cryptocurrency company Blockchain Global. Banned from leaving Australia.
This decision is provided as part of: ongoing investigation into the company’s downfall; This left about $37 million out of creditors’ pockets.
Did you know?
Do you want to become smarter and richer with cryptocurrency?
Subscribe – We post new cryptocurrency explainer videos every week!
On February 28, the Australian Securities and Investments Commission (ASIC) announced: A temporary travel restriction order has been issued This is the Australian Federal Court’s ruling against Guo. This order is Guo, who was cleared at the hearing, did not attend. A future court appearance is scheduled for March 12.
Guo must do it now hand over his passport And then Ban on attempting to leave Australia Until August 20th.
ASIC’s investigation focuses on: Accusations that Guo improperly handled funds from investors through the ACX Exchange; Blockchain Global, a digital currency platform, operated from January 2016 to December 2019.
The cryptocurrency executive was accused of siphoning $1.69 million from investor accounts for personal investments. worth $1.3 million Bitcoin to his cryptocurrency wallet.
ASICs are also While closely examining two other directors of Blockchain Global: Xue “Sam” Lee and Zijang “Ryan” Xu, for potential corporate law violations.
but, Judge Catherine Button, who presided over the case. He specifically mentioned that it was important to investigate Guo.
<구오>Is He is the only person of interest remaining in Australia and through his investigation <...> This may increase your chances of recovering your funds.
As this case unfolds, it serves as a warning to the global cryptocurrency community about the importance of regulatory compliance and the potential impact of financial mismanagement.
Another legal battle rocking the cryptocurrency community involves Sam Bankman-Fried, the founder of now-bankrupt cryptocurrency exchange FTX. He attempts to negotiate a reduction in his proposed 100-year sentence.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst who delivers data-driven and fact-based content as well as speaking to both Web3 natives and industry newcomers.
Aaron is the go-to guy for all things digital currency-related. With a huge passion for blockchain and Web3 education, Aaron is working to transform the space as we know it and make it more accessible to complete beginners.
Aaron has been quoted in several popular media outlets and is a published author himself. In his spare time, he enjoys researching market trends and looking for the next supernova.
