ASIC shuts Yepbit crypto exchange sites as investors face withdrawal blocks

The Australian Securities and Investments Commission removed several websites linked to the crypto trading platform Yepbit after investors reported they could not withdraw funds. ASIC said it had added warnings to its Investor Alert List and was working with other agencies to take down harmful sites.

Yepbit told investors their money was unavailable because ASIC had frozen the funds while the platform underwent regulatory checks, according to the watchdog. ASIC rejected that explanation. The regulator said it had taken no action preventing Yepbit from returning investor funds, calling the statements false and a tactic to deflect withdrawal requests.

At the same time, ASIC found Yepbit did not hold an Australian Financial Services Licence authorizing it to provide financial services in the country. Yepbit was also not registered as a virtual asset service provider with AUSTRAC. Under Australian rules, businesses offering covered virtual asset services must register before operating. AUSTRAC made its VASP register public on June 30, allowing consumers to check providers.

ASIC urged consumers to independently verify whether an investment business holds the required licence. A company registration or Australian Company Number does not mean a business holds an AFSL, the regulator said. Investment offers that cannot be verified through trusted sources, or that encourage customers to avoid licensed professionals, should be treated with extreme caution.

The regulator said it used its website disruption capability to remove several websites. Website takedowns are a recurring tool for ASIC. In April 2025, a Federal Court wound up 95 companies connected to crypto-related pig butchering schemes. Liquidators received nearly 1,500 claims from alleged victims across 14 countries, with reported losses exceeding $35.8 million. ASIC said it was taking down roughly 130 scam websites each week and had removed more than 10,000 malicious sites.