ASIC initiates legal proceedings against NGS Crypto, NGS Digital, and NGS Group for targeting Australian investors without a license, risking investor funds.
ASIC has initiated legal proceedings against blockchain mining firms NGS Crypto, NGS Digital, and NGS Group, along with their directors, over concerns that investors' funds are at risk of dissipation. The Federal Court has appointed receivers to manage the digital currency assets of the NGS Companies and their directors, as well as imposing a travel restriction on one of the directors. ASIC alleges that the NGS Companies targeted Australian investors to establish self-regulated superannuation funds, convert investments into cryptocurrency, and invest in blockchain mining packages, all without a required Australian license.
April 11, 2024
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