ASIC Cracks Down on Yepbit Over Withdrawal Complaints
Australia's securities regulator, ASIC, has intensified action against Yepbit after customers reported repeated problems accessing funds held on the trading platform. The regulator removed several related websites and warned consumers against dealing with the business, saying it lacks the required Australian Financial Services Licence.
ASIC received several reports from customers who said they could not withdraw money from Yepbit accounts, which offer digital asset and futures trading services to users across several countries, including Australia. The regulator also said Yepbit does not appear on AUSTRAC's Virtual Asset Service Provider Register, which covers businesses offering certain crypto exchange, custody, transfer, and related services in Australia.
ASIC rejected claims that it had frozen customer funds during audits or regulatory checks, saying it publicly announces formal action when it freezes money during enforcement proceedings. The regulator warned against businesses that request more payments before releasing customer balances, echoing previous warnings about recovery scams targeting people after earlier financial losses.