Quick Take
- ASIC removed several Yepbit websites after investors reported being unable to withdraw funds from the unlicensed digital assets and futures trading platform.
- The regulator denied Yepbits claims that it had frozen investor funds, saying the platform lacks an AFSL and AUSTRAC VASP registration.
The Australian Securities and Investments Commission has joined regulators from other jurisdictions in issuing alerts against Yepbit, saying the digital assets and futures trading platform is operating in Australia without the required financial services authorization.
In a statement released Wednesday, the regulator said it had removed several websites purportedly operated by Yepbit after receiving reports from investors who said they could not access their funds.
“ASIC has taken action to protect consumers through its website takedown capability, by removing several websites purportedly operated by Yepbit,” the regulator said. “We have also issued warnings on our Investor Alert List.”
According to the statement, investors told ASIC that Yepbit had claimed the regulator froze their funds while the platform complied with ASIC audits or regulatory requirements. ASIC said those claims were false and that it had not taken steps to prevent the return of funds held by Yepbit.
ASIC has previously issued four alerts on Yepbit websites, with the first warning added March 9 and two further Yepbit Exchange domains added to the alert list last week.
The regulator said Yepbit does not hold an Australian Financial Services Licence and is not registered as a virtual asset service provider on AUSTRAC's Virtual Asset Service Provider Register.
Heightened scrutiny
The latest action follows regulatory warnings against Yepbit in other jurisdictions this year. The Philippines Securities and Exchange Commission issued a cease-and-desist order against Yepbit Exchange Pty. Limited and Fidelity Capital Investment Group in February for allegedly soliciting investments from the public without required approvals.
Ghana's Securities and Exchange Commission also warned in July against Yepbit Exchange and Bonchat, describing them as suspected fraudulent investment schemes and saying the platforms were not licensed by the regulator.
Separately, Ghanaian social media journalist Alvin alleged in an X post earlier this month that Ghanaian actor Jason Edwards was the mastermind behind Yepbit's operations in Ghana. Alvin also alleged that Edwards had used millions gained from Yepbit to build houses and businesses and purchase expensive vehicles. The claims have not been independently verified.
The Block attempted to reach Yepbit for comment using the email address listed in ASICs statement, but the email bounced back.
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