ASIC shuts crypto exchange Yepbit websites after investors report blocked withdrawals
The Australian Securities and Investments Commission has taken down several websites linked to Yepbit after investors reported being unable to withdraw funds from the digital asset and futures trading platform. ASIC said it received multiple reports from investors who could not retrieve money held through Yepbit, which presents itself as a global trading platform and offers its services to users in Australia. The regulator has now cautioned consumers against dealing with the firm and added warnings to its Investor Alert List. Yepbit has also told investors that their funds were unavailable because ASIC had frozen the money while the platform underwent regulatory checks or audits, according to the watchdog. ASIC rejected that explanation and said it had taken no action preventing Yepbit from returning investor funds. The regulator said the statements were false and were being used to deflect withdrawal and refund requests from customers. Yepbit withdrawal complaints trigger ASIC warning At the same time as investors reported problems withdrawing money, ASIC found that Yepbit did not hold an Australian Financial Services Licence, or AFSL, authorizing it to provide financial services in the country. Yepbit was also not registered as a virtual asset service provider with the Australian Transaction Reports and Analysis Centre, according to ASIC. Under