The Australian Securities and Investments Commission (ASIC) has closed multiple websites operated by digital asset platform Yepbit, and has issued a warning to users not to trade with the platform. The regulator said it had received reports from a number of investors who found themselves unable to withdraw funds from the platform. Yepbit has claimed that it provides digital asset and futures trading services on a global scale, with those services also being offered to Australian investors. ASIC, for its part, has said that Yepbit made up a claim that 'ASIC froze funds' in order to put off investor requests for refunds. The platform does not hold a financial services licence in Australia, and it is not registered with AUSTRAC as a virtual asset service provider. ASIC has reminded investors that they should verify whether a platform holds the appropriate licence before using it, and that any investment opportunity which cannot be verified should be approached with extreme caution.
The Australian Securities and Investments Commission (ASIC) has closed multiple websites operated by digital asset platform Yepbit and warned users not to trade with it. ASIC said it had received reports from investors who were unable to withdraw their funds.
Yepbit has claimed to provide digital asset and futures trading services globally, including to investors in Australia. According to ASIC, the platform fabricated a claim that 'ASIC froze funds' in order to delay refund requests.
Yepbit holds no Australian financial services licence and is not registered with AUSTRAC as a virtual asset service provider.
ASIC reminded investors to verify a platform's licensing status before trading, and to approach any investment opportunity that cannot be verified with extreme caution.
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