ASIC Shuts Down Yepbit Websites Amid Withdrawal Delays

Australian Securities and Investments Commission (ASIC) has taken down several websites linked to crypto exchange Yepbit after investors reported being unable to withdraw funds from the platform.

Yepbit allegedly told investors that ASIC had frozen their funds during regulatory checks, but the regulator said this claim was false.

ASIC found that Yepbit did not hold an Australian Financial Services Licence (AFSL) and was not registered with AUSTRAC as a virtual asset service provider.

The regulator has added warnings about Yepbit to its Investor Alert List and cautioned consumers against dealing with the platform, urging them to independently verify whether an investment business holds the required licence.