On 29 October 2025, the Australian Securities and Investments Commission (ASIC) announced that it had secured interim travel restraint orders against Blockchain Global Limited (in liquidation) director Zijing Xu, also known as Ryan Xu. The Federal Court of Australia issued the orders on 20 October 2025, prohibiting Mr Xu from leaving or attempting to leave Australia until 20 December 2025. ASIC sought the orders on an ex parte basis, meaning Mr Xu had not yet been heard by the Court, citing concerns arising from its ongoing investigation into the collapse of a crypto asset exchange formerly operated by Blockchain Global. The matter was initially listed for an inter partes hearing on 30 October 2025 but was subsequently varied by consent, extending the restraint until 28 November 2025.
ASIC’s Application and Court Orders
“The Federal Court’s orders made on 20 October 2025 prohibit Mr Xu from leaving or attempting to leave Australia until 20 December 2025.” ASIC’s application was made without notice to Mr Xu to prevent potential dissipation of evidence or evasion of investigative processes. The interim order restricts international travel until the Court fully hears submissions from both parties. The regulator’s investigation concerns the management and operation of Blockchain Global’s crypto asset exchange and related entities prior to the company’s collapse.
Background on Blockchain Global and the ACX Exchange
“From around January 2016 until its collapse in around December 2019, Blockchain Global operated a crypto asset exchange known as the ACX Exchange.” The exchange allowed customers to buy, sell, and store crypto assets and was among Australia’s earlier digital trading platforms. Blockchain Global entered liquidation on 11 February 2022 following insolvency concerns and allegations of mismanagement. ASIC’s ongoing investigation is examining potential breaches of financial services and corporations law connected to the firm’s operations and governance failures.
