Australia Detains Blockchain Global Director Amid Crypto Exchange Probe
Australian regulators have imposed travel restrictions on Ryan Xu, a director of Blockchain Global, as part of an investigation into the collapse of the ACX Exchange. The Federal Court order prevents Xu from leaving the country until December 20, citing concerns he may flee during the probe.
The failed crypto platform, operated by Blockchain Global, ceased operations in 2019 after users reported withdrawal issues. Liquidators estimate $37.3 million in outstanding debts to unsecured creditors. ASIC's investigation focuses on potential corporate misconduct surrounding the exchange's operations and missing client funds.
Blockchain Global entered liquidation in February 2022, with regulators launching formal proceedings against the company and its directors earlier this year. The case highlights growing regulatory scrutiny of cryptocurrency operations in Australia following high-profile collapses.
