Australia: Federal Court of Australia issued ruling in lawsuit against NGS Crypto regarding operation of unlicensed financial services business

On 18 December 2025, the Federal Court of Australia issued a ruling in a case brought by the Australian Securities and Investments Commission (ASIC) against the NGS companies, which include NGS Crypto, NGS Digital, and NGS Group Limited. The Court found that the companies had operated an unlicensed financial services business and permanently restrained them from carrying on financial services activities in Australia, including promoting or issuing blockchain mining packages. The Court also ordered the companies to be wound up. The NGS companies had offered a blockchain mining product in which 464 Australian investors had invested nearly AUD 59 million.