Australia: Australian Securities and Investments Commission filed lawsuit against NGS Crypto regarding operation of unlicensed financial services business
Description
Australian Securities and Investments Commission filed lawsuit against NGS Crypto regarding operation of unlicensed financial services business
On 9 April 2024, the Australian Securities and Investments Commission (ASIC) filed a lawsuit with the Federal Court of Australia against the NGS companies, which include NGS Crypto, NGS Digital, and NGS Group Limited, regarding the operation of an unlicensed financial services business. The companies operated blockchain mining packages for investment by Australians.
Original sourceScope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
judiciary
Government Body
court
Complete timeline of this policy change
Hide details
2024-04-09
under deliberation
2024-09-09
under investigation