Steve McGovern, Dubber
ASX

ASIC stops Dubber’s CEO and a lawyer from leaving Australia over company’s missing $26.6 million

- March 22, 2024 2 MIN READ

The Australian Securities and Investments Commission has stepped in to prevent ASX-listed Dubber’s CEO and cofounder, Steve McGovern, and lawyer Mark Madafferi, principal of North Melbourne law firm, Christopher William Legal, from leaving the country as investigations continue into $26.6 million missing from the business. The corporate regulator applied to the Federal Court on March… Read more »

Cryptocurrency

Finder just had a big win against the corporate cop, ASIC, over its crypto wallet

- March 14, 2024 2 MIN READ

Finder’s crypto product, Earn, complied with the financial law, the Federal Court has found, dismissing legal action launched by the corporate regular against the fintech. It was a comprehensive win against the Australian Securities and Investments Commission (ASIC) for Finder, with Justice Brigitte Markovic also awarding costs against the regulator. ASIC sued Finder Wallet for… Read more »

bitcoin
Cryptocurrency

ASIC has launched legal action against the Kraken crypto exchange alleging more than 1,100 customers lost $13 million on a product that didn’t meet regulatory rules

- September 21, 2023 2 MIN READ

Financial regulator the Australian Securities and Investment Commission (ASIC) has launched Federal Court against Bit Trade Pty Ltd, the company behind the Kraken crypto exchange in Australian, alleging it failed to comply with regulations designed to protect consumers. ASIC’s case alleges Bit Trade’s failure to make a “target market determination” for its margin trading product,… Read more »

Tyson Scholz
ASX

Court bans ‘ASX Wolf’ finfluencer Tyson Scholz from handing out online financial advice

- April 14, 2023 2 MIN READ

Social media “finfluencer” Tyson Robert Scholz, known as “ASX Wolf” on social media, has been threatened with jail time if he attempts to charge for financial and share trading advice following a ban by the Federal Court. In December, Justice Kylie Downes found that Scholz had illegally run a financial service business between March 2020… Read more »

Binance
Cryptocurrency

Coporate cop ASIC cancels Binance Australia’s licence after it misclassified retail investors, leaving them without consumer protections

- April 11, 2023 3 MIN READ

The world’s largest cryptocurrency exchange can no longer legally operate within Australia after financial regulator ASIC cancelled the firm’s financial services license due to policy breaches that left consumers financially exposed. Although it was licensed to sell financial derivatives to wholesale customers, Binance Australia Derivatives – the trading name of Oztures Trading Pty Ltd –… Read more »

Cryptocurrency

How FTX Australia got away with claiming it was ‘ASIC-licenced’

- December 14, 2022 3 MIN READ

When cryptocurrency exchange FTX Group collapsed in the Bahamas last month, its local subsidiaries FTX Australia Pty Ltd and FTX Express Pty Ltd fell over too. The Australian companies were placed into administration on November 11 and within days the Australian Securities and Investments Commission (ASIC) had suspended the Australian financial service licence FTX Australia… Read more »

Business

Metigy founder now bankrupt as liquidators find the adtech startup didn’t earn ‘any revenue’ in its 7-year life

- November 24, 2022 2 MIN READ

David Fairfull, founder of adtech startup Metigy, which collapsed into administration in July, just 20 months after raising $20 million in a Series B, has been declared bankrupt, amid regulator ASIC taking a closer look at potential insolvent trading in the company. AdNews reports that Fairfull went bankrupt this month – his second bankruptcy following… Read more »

bitcoin
Cryptocurrency

Corporate regulator ASIC puts a temporary halt on Sydney investment firm Holon offering 3 crypto funds to retail investors

- October 17, 2022 2 MIN READ

Corporate regulator the Australian Securities and Investments Commission (ASIC) has sin-binned Sydney firm Holon Global Investments from offering three of its cryptocurrency funds to retail investors for three weeks due to concerns that they’re not suitable for the retail market, with the product disclosure statements pointing out that the funds could end up worthless. The… Read more »

ASX
ASX

Corporate regulator ASIC takes Nuix to court over alleged misleading sales figures

- September 30, 2022 2 MIN READ

The Australian Securities and Investment Commission has launched Federal Court legal action against ASX-listed tech company Nuix and its board for alleged breaches of disclosure laws, as well as misleading or deceptive conduct around growth predictions, in the wake of the company’s IPO in December 2020. ASIC alleges that Nuix (ASX:NXL) made misleading or deceptive… Read more »

GetSwift
Business

Logistics software startup GetSwift is dead in Australia, on life support in the US

- August 5, 2022 3 MIN READ

Former ASX-listed logistics tech company GetSwift has placed its Australian arm in the hands of liquidators, while the publicly listed parent business, GetSwift Technologies, has been suspended from Canada’s NEO Exchange after filing for Chapter 11 bankruptcy protection in the US. The company’s Australian subsidiary, GetSwift Ltd, was placed into liquidation on July 29 with… Read more »

People

Another Spaceship director has copped a ban by ASIC

- June 8, 2022 2 MIN READ

* EDITOR’S NOTE: On 20 December, 2022, the Administrative Appeals Tribunal set aside the ban on Paul Dortkamp. Deputy President Rayment concluded that, based on the evidence at the AAT hearing, he was not satisfied that Mr Dortkamp failed to act, did not understand the financial services which his company was providing, or is incompetent,… Read more »

Fintech

The former boss of millennial super fund Spaceship handed 6-year ban

- January 21, 2022 2 MIN READ

The former CEO of fintech startup Spaceship has been banned from acting in the financial services sector for six years by the corporate regulator, ASIC. Paul Kevin Bennetts, of Elanora Heights on Sydney’s Northern Beaches, was found to have dishonestly obtained his Australian Institute of Company Directors (AICD) qualification following an investigation by the company… Read more »

dogecoin, cryptocurrency
Cryptocurrency

Corporate watchdog ASIC has moved to licence cryptocurrency investment

- November 2, 2021 2 MIN READ

Corporate regulator, the Australian Securities and Investment Commission (ASIC) is ramping up its oversight of the investment side of the local cryptocurrency market with licences for crypto-asset holders. The regulator has introduced a new “crypto-asset” section in its licensing applications and responsible entities seeking to hold them will need that an authorisation in relation to… Read more »

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