ASIC Shuts Down Yepbit Websites Over Frozen Funds Claims

The Australian Securities and Investments Commission (ASIC) has taken action against crypto exchange Yepbit after investors reported being unable to withdraw their funds.

ASIC shut down several websites linked to Yepbit, citing that the platform does not hold an Australian Financial Services Licence or register with AUSTRAC as a virtual asset service provider.

Investors claimed that Yepbit told them that ASIC had frozen their funds during regulatory checks. However, ASIC disputed this claim, stating that no such freeze had been imposed and that they announced any formal action through media releases.

ASIC warned consumers to be cautious when dealing with Yepbit, citing that the platform's claims were false and were being used to deflect withdrawal requests.