The Australian Securities and Investments Commission (ASIC), Australia’s financial regulator, has issued a warning to investors regarding NGS Crypto‘s transition to a new brand, Hiddup.
This change happened as ASIC’s inquiry into the company and its associates continued.
ASIC’s statement highlighted that as of July 1, 2024, the NGS Crypto website now redirects to Hiddup.
The regulator emphasized its ongoing efforts to keep the public informed about significant developments in this case.
ASIC’s investigation covers NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Limited, including their staff and representatives.
The probe focuses on potential fund mismanagement and operating without the necessary Australian Financial Services License.
Allegedly, NGS Crypto owes investors around $41 million.
The Federal Court has approved ASIC’s request to freeze the firm’s digital assets and appoint receivers to oversee these assets, aiming to protect investors’ interests.
Australia is intensifying its regulatory framework for the crypto industry to align with international standards and protect local financial markets.
This includes stricter oversight of licenses, asset development, and taxation.
The government is also cracking down on tax evasion by obtaining personal data from crypto exchanges, a move that has received mixed reactions from crypto users.
ASIC’s actions are part of broader efforts to ensure a safe and transparent environment for investors in Australia’s evolving crypto landscape.
