Australia: Federal Court of Australia issued interim injunctions against NGS Crypto regarding operation of unlicensed financial services business

On 9 September 2024, the Federal Court of Australia issued interim injunctions against the NGS companies, which include NGS Crypto, NGS Digital, and NGS Group Limited, prohibiting them from further operating or promoting their blockchain mining product and NGS digital mining scheme, as well as dealing in investor funds. The case was filed by the Australian Securities and Investments Commission (ASIC) against the NGS companies regarding the operation of an unlicensed financial services business.