Australia bars Blockchain Global director from leaving country

(Reuters) -Australia's corporate regulator said on Wednesday the federal court has barred failed cryptocurrency exchange firm Blockchain Global's director, Ryan Xu, from leaving the country until December 20. The Australian Securities and Investments Commission (ASIC) applied for the court orders on an ex parte basis, which means that Xu has not yet had the opportunity to be heard by the court or respond to ASIC's application. "The matter is next due before the court on October 30, 2025, for an inter partes hearing," the regulator added in its statement. The ASIC is currently investigating Xu's connection with Blockchain Global's operation of a cryptocurrency exchange platform, ACX Exchange, which collapsed around December 2019, and began facing issues withdrawing funds or cryptocurrency from their accounts. The regulator had started an investigation into the firm in January 2024, following receipt of a report from the firm's liquidators, which said that Blockchain Global owed around A$58 million ($37.3 million) to unsecured creditors as of October 2, 2023. Xu is the third person from the firm under investigation by ASIC, according to the regulator's website. Blockchain Global had no published contact information and could not immediately be reached for comment. (Reporting by Jasmeen Ara Shaikh in Bengaluru; Editing by Rashmi Aich)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)