On 28 May 2025, the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings in the Australian Federal Court against Mr. Liang (Allan) Guo, a former director of Blockchain Global Ltd (now in liquidation), alleging multiple breaches of his statutory directors’ duties under the Australian Corporations Act 2001. The allegations arise from Mr. Guo’s involvement in the operation and eventual collapse of the ACX Exchange, a cryptocurrency platform run by Blockchain Global, which ceased functioning around December 2019 when customers were unable to withdraw funds or cryptocurrencies from their accounts.
According to ASIC, Mr. Guo is alleged to have failed to meet fundamental obligations as a director, including mishandling customer assets, making misleading statements about fund management, and not maintaining adequate corporate records. These failures, ASIC claims, contributed to substantial financial losses for retail users of the exchange. As per the liquidators’ report, Blockchain Global owes over AUD 20 million in unsecured creditor claims from former ACX Exchange customers.
The ACX Exchange was operational from mid-2016 until its collapse in December 2019, allowing users to buy, sell, and hold cryptocurrencies. Liquidators were appointed on 11 February 2022. A subsequent report filed with ASIC on 01 November 2023 identified potential breaches of the Australian Corporations Act by multiple former officeholders, including Mr. Guo. The report estimated total liabilities of AUD 58.6 million as of 2 October 2023, with approximately AUD 22.75 million attributable to claims by former exchange users. ASIC commenced its formal investigation in January 2024.
Mr. Guo departed Australia on 23 September 2024, immediately following the expiration of travel restraint orders issued earlier that year (reference: 24-030MR), and has not returned to date.
