The Australian Securities and Investments Commission (ASIC) has initiated civil penalty proceedings against Allan Guo, the former director of Blockchain Global, which operated the now-defunct ACX Exchange. Guo is accused of mishandling customer funds and failing to maintain proper financial records. ASIC's allegations stem from its ongoing investigation into the collapse of ACX Exchange in December 2019, which left customers unable to withdraw their funds. The regulator's probe has been underway since the collapse, with liquidators discovering that Blockchain Global owed approximately $59 million to creditors, including nearly $22.8 million owed to ACX Exchange creditors.
Guo's lawsuit comes after he reportedly departed Australia in September 2024, following the expiration of a travel restriction that had been in place since February the previous year. The travel ban was imposed as part of ASIC's investigation into Guo and two other former directors of Blockchain Global, Samuel Xue Lee and Zijang (Ryan) Xu, regarding their roles in the collapse of ACX Exchange.