Connect with us

Published

on

Follow Us

Follow Us @

Australian Regulators Crack Down on Illegal Crypto Miners

Liputan6.com, Jakarta The Australian government has taken firm action against illegal crypto mining companies in Australia. In a significant legal move, the Australian Federal Court has allowed the transfer of around USD 41 million or equivalent to IDR 660.8 billion in digital assets to McGrathNicol, a restructuring company.

Reporting from CoinmarketcapWednesday (7/5/2024), this decision was taken after the Australian Securities and Investments Commission (ASIC) accused the blockchain mining company NGS group of operating without appropriate permits.

Advertisement

The court action underscores a broader crackdown on unregulated financial activity in Australia's cryptocurrency sector.

The lawsuit targets NGS Crypto, NGS Digital and NGS Group, and their directors, who are alleged to have violated Australian financial services laws by offering investment opportunities without the required permits.

Investment Security Questioned

This situation has raised concerns regarding investment security and the legal framework governing emerging digital financial practices.

Notably, ASIC's move reflects its commitment to ensuring that financial services in the country, especially those in the fast-growing crypto space, comply with existing regulations.

Advertisement
YOU MAY HAVE MISSED:
Crypto Market Strengthens Significantly After Ripple Wins SEC Lawsuit

The directive to hand over digital assets to restructuring specialists is a precautionary measure to safeguard investments made by more than 450 Australian investors.

Australian Regulators Crack Down on Illegal Crypto Miners

Follow TODAYSGIST on Google News  and receive alerts for the main trending news on cryptocurrency, market trends, upcoming events, predictions, sanctions and lots more!

Advertisement

SHARE POST AND EARN REWARDS:

Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program

FIRST TIME REACTIONS:

Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.

JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >

#Australian #Regulators #Crack #Illegal #Crypto #Miners
Advertisement
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending