ASIC Warns Users Over Rebranding of Investigated Crypto Firm
Australian financial regulator ASIC has warned investors about the rebranding of its NGS cryptocurrency as Hiddup following investigations into the firm. The company has changed its branding due to ongoing investigations into its business. Australian regulators are seeking to protect investors and users in line with global efforts.
ASIC Warns NGS Crypto Users
The Australian Securities and Investments Commission has noted the change and related details on its website. NGS Crypto This follows investigations into the regulated firm, its employees and other representatives. ASIC warned the public in a recent press release that the website redirects to Hiddup.
ASIC has launched an investigation into the firm and related companies. NGS Crypto Pty LtdNGS Digital Pty LTD and NGS Group Limited. The investigation extends to staff and other representatives as ASIC seeks to protect investors. ASIC is also investigating Australian Financial Services Licensing, an under-licensed financial firm, over concerns about the mismanagement of funds received from Australian investors. The investigation alleges the company owed investors around $41 million.
ASIC has sought court orders to halt the digital assets belonging to the firm and its directors, with the Federal Court approving the regulator’s request and then appointing receivers of the assets.
Australia’s Crypto Scene
The company has increased its efforts to resist vetoes or asset regulations, including those on licenses, development and taxation. According to regulators, this follows global standards aimed at protecting local financial markets. The country has recently tried to address this issue. tax evaders by requesting personal data and other information from crypto exchanges. Crypto users are divided over specific tax requirements depending on their service.
Then read on: German MP Wants Government to Keep Bitcoin, Not Sell It
✓ Share:
David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a knack for keeping up with breaking news. Keeping up to date with trends, David has reported on a variety of topics including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#ASIC #Warns #Users #Rebranding #Investigated #Crypto #Firm
