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Home » Unlicensed blockchain mining companies in Australia exposed by regulators
Unlicensed blockchain mining companies in Australia exposed by regulators
Unlicensed blockchain mining companies in Australia exposed by regulators

Unlicensed blockchain mining companies in Australia exposed by regulators

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By admin on 2024-04-12 Regulations Security

Three cryptocurrency mining companies in Australia, NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, have collapsed into liquidation, leaving hundreds of investors more than 160 million Australian dollars ($104 million) out of pocket. The Australian Security and Investments Commission (ASIC) has taken legal action against the companies and their directors, accusing them of targeting local investors to establish self-managed superannuation funds (SMSFs) and then converting the funds into cryptocurrency for investment in blockchain mining packages. The ASIC claims that approximately 450 investors entrusted a total of 62 million AUD ($40 million) to these companies, which were operating without the necessary Australian license. The ASIC has expressed concerns over the potential dissipation of digital assets invested in blockchain mining and has successfully petitioned the Federal Court to appoint liquidators specifically for the NGS companies’ digital currency holdings. The ASIC has also barred one of the directors, Brett Mendham, from leaving Australia and has moved to prevent the NGS companies from offering financial services in the country without proper authorization. In a separate case, DCA Capital, Digital Commodity Assets Pty Ltd, and the Digital Commodity Assets Fund are also facing liquidation and federal court proceedings due to concerns from investors regarding mismanagement, lack of proper licenses, and potential breaches of managed investment scheme regulations. Liquidators KordaMentha have discovered debts totaling 100 million AUD ($65 million) owed to 100 investors, and the federal court has frozen the assets of DCA Capital’s director, Ashod Balanian, amounting to 55 million AUD ($36 million). The regulatory landscape for cryptocurrencies in Australia has been receiving increased attention, with regulators aiming to strike a balance between consumer protection, market integrity, and encouraging financial innovation.

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