ASIC cracks down on Yepbit after withdrawal complaints

ASIC shut down Yepbit websites after withdrawal complaints, denying it froze funds. Yepbit lacks required licenses and AUSTRAC registration. ASIC urges caution with unlicensed crypto platforms.

The Australian Securities and Investments Commission (ASIC) has taken decisive action against Yepbit, a digital asset and futures trading platform, after receiving numerous investor complaints about blocked withdrawals. In response, ASIC shut down several Yepbit-related websites and issued public warnings, clarifying that it did not freeze customer funds as the platform claimed. ASIC stated that Yepbit falsely blamed the regulator to deflect refund requests and that its claims regarding audits or regulatory requirements were untrue. The regulator emphasized that Yepbit does not hold an Australian Financial Services Licence and is not registered with AUSTRAC as a virtual asset service provider, making it unauthorized to offer financial services or advice in Australia. ASIC urges investors to verify a platform’s licensing status and exercise caution with unverifiable investment opportunities. These actions are part of broader efforts to strengthen oversight of digital asset businesses and remove fraudulent platforms from the market.