ASIC Warns Users Of Investigated Crypto Firm Rebrand

Australian financial regulator, ASIC has warned investors on the rebrand of NGS crypto to Hiddup following investigations on the firm. The company changed its brand as an inquiry into its affairs continued. Australian regulators seek to protect investors and users in line with global efforts. 

ASIC Warns Users of NGS Crypto

The Australian Securities and Investments Commission has noted the change of website and related details of NGS Crypto to Hiddup. This comes after the regulated opened up investigations on the firm, employees, and other representatives. In a recent press release, ASIC warned the public that the website redirects to Hiddup. 

“As of 1 July 2024, NGS Crypto’s website https://ngscrypto.com/ redirects to the website https://hiddup.com/. Hiddup’s website states that NGS Crypto has rebranded to Hiddup. ASIC will update this webpage when important steps take place about this matter.”

ASIC launched an investigation into the firm and related companies, NGS Crypto Pty Ltd, NGS Digital Pty LTD, and NGS Group Limited. This investigation extends to staff and other representatives as ASIC looks to protect investors. ASIC is looking into concerns of mismanagement of funds it received from Australian investors alongside the operation of a finance firm without adequate license, the Australian Finance Services License. The company is said to allegedly owe investors about $41 million at the time of the investigation. 

ASIC sought court orders to withhold digital assets belonging to the firm and its directors with the Federal Court approving the regulator’s request and subsequently appointing receivers of the assets.

Australia’s Crypto Landscape

The company has ramped up efforts to wider veto or asset regulation including licenses, development, and taxation. Per regulators, this follows global standards to protect local financial markets. Recently, the country sought to tackle tax evaders by requesting personal data and other information from crypto exchanges. Crypto users remain divided on certain tax requirements based on their utilities.

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