Australia sues ex-crypto exchange director for allegedly mismanaging user funds

ASIC says Allan Guo mismanaged ACX customer funds, misrepresented dealings and failed to keep records before the exchange collapsed in 2019.

By Danny Park • Edited by Timmy Shen
Business•May 28, 2025, 5:25AM EDT
UPDATED: May 28, 2025, 5:27AM EDT
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Australia sues ex-crypto exchange director for allegedly mismanaging user funds

Quick Take

  • Australia’s securities regulator said it brought civil penalty proceedings against Allan Guo, a former director of Blockchain Global.
  • Blockchain Global operated the ACX crypto exchange until its collapse in 2019 and still owes nearly $15 million to former users.
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The Australian Securities and Investments Commission (ASIC) announced civil penalty proceedings against Allan Guo, the former executive behind defunct cryptocurrency exchange ACX, for breach of duties.

ACX Exchange operated from 2016 until it collapsed in 2019, rendering customers unable to withdraw funds. Blockchain Global, the company behind ACX, owes over AU$22.7 million ($14.6 million) in unsecured creditor claims to customers of the exchange, ASIC said.

Amid the collapse, Guo allegedly mismanaged ACX customer funds, misrepresented dealings, and failed to maintain proper records, ASIC said.

ASIC started its investigation on Blockchain Global in January 2024 after liquidators assigned to the company filed a detailed report to the commission in November 2023, presenting potential breaches of the Corporations Act by Guo and other employees.

The commission placed a travel ban on Guo in February 2024 to prevent him from exiting the country. However, Guo left Australia in September that year after the travel ban was lifted and has not returned to the country since, ASIC said.

Other former directors of Blockchain Global — Samuel Xue Lee and Ryan Zijang Xu — are also under investigation by ASIC.