Authorities Seize $41 Million from Unlicensed Blockchain Mining Group in Australia
Authorities in Australia have made a major move in the world of blockchain mining, seizing over $41 million from a group operating without a license. The Australian Securities and Investments Commission (ASIC) has taken civil actions against NGS Crypto, NGS Digital, and NGS Group, along with their directors, for allegedly providing financial services without the proper licensing.
ASIC expressed concerns about the digital assets of investors being at risk of dissipation due to the operations of these firms. The commission has sought injunctions to prevent the NGS companies from offering financial services products in Australia without the necessary license.
ASIC Chair Joe Longo emphasized the importance of considering the risks before investing in crypto-related products, especially when using self-managed super funds. The actions taken by ASIC serve as a warning to the crypto industry that regulatory compliance is essential to protect consumers.
This development in Australia’s blockchain mining sector highlights the ongoing scrutiny of crypto products by regulatory authorities. Investors are advised to conduct thorough due diligence before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl will continue to provide updates on this story as it unfolds.
