ASIC removed Yepbit websites after customers reported frozen withdrawals. The regulator said it took no action to block funds. The platform also faces orders in the Philippines and Ghana.
Alpha Score of 49 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
Australia’s corporate regulator took down several websites linked to Yepbit after investors reported being unable to withdraw funds from the digital-asset and futures trading platform. The Australian Securities and Investments Commission said the operation offered services without the required authorization and had been placed on its Investor Alert List.
Customers were told regulators had frozen their money while Yepbit completed audits or compliance checks, ASIC said. The regulator rejected that explanation. It said it had taken no action preventing the platform from returning investor funds and that those claims were false.
The intervention follows a series of warnings around Yepbit. ASIC previously issued four alerts covering websites associated with the platform, starting with a March 9 warning. Two additional Yepbit Exchange domains were added last week.
The platform does not hold an Australian Financial Services Licence and is not registered as a virtual asset service provider on AUSTRAC’s Virtual Asset Service Provider Register, ASIC said. That leaves customers exposed to an unlicensed operator, the regulator added.
Regulators in the Philippines and Ghana have also taken action. The Philippine Securities and Exchange Commission issued a cease-and-desist order in February against Yepbit Exchange Pty. Limited and Fidelity Capital Investment Group for allegedly soliciting public investments without required approvals. Ghana’s Securities and Exchange Commission followed with a warning in July against Yepbit Exchange and Bonchat. Ghana’s regulator described the platforms as suspected fraudulent investment schemes and said they were not licensed to operate under its supervision.
A Ghanaian social media journalist accused actor Jason Edwards of masterminding Yepbit’s activities in Ghana and claimed proceeds were used to acquire houses and businesses. Those allegations have not been independently verified.
For affected investors, the immediate question is whether blocked funds can be recovered. Attempts to reach Yepbit using the email address provided in ASIC’s statement were unsuccessful. The message bounced back.
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