Australia’s ASIC Initiates Civil Penalty Proceedings Against ACX Ex-Director Liang Guo

• ASIC sues ex-ACX director Allan Guo over alleged misuse of customer crypto funds.
• Guo left Australia in 2024 amid $37M debt claims from Blockchain Global creditors.
• ACX pooled user funds without segregation, liquidators reveal in court testimony.

Australia’s top financial regulator, the Australian Securities and Investments Commission (ASIC), has launched civil penalty proceedings against Liang “Allan” Guo. Guo is a former director of Blockchain Global and was a key figure at the now-defunct crypto platform ACX Exchange. 

ASIC alleges Guo breached multiple director duties as the platform spiraled and finally collapsed in 2019, specifically pointing to the mishandling of customer assets and a failure to keep proper records.

ASIC Alleges Misleading Statements, Pooled Customer Funds at ACX Exchange by Guo

On May 28, ASIC announced that it had filed a civil case against Guo in connection to events that led to the shutdown of ACX Exchange in December 2019. The regulator claims Guo made false and misleading statements regarding his handling of customer funds and failed to comply with basic recordkeeping requirements as a company director.

The ACX Exc…

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