ASIC Takes Down Yepbit Websites Amid Withdrawal Complaints
Australia's corporate regulator, ASIC, has taken down several websites linked to crypto platform Yepbit after investors reported being unable to withdraw their funds. The platform, which offers digital asset and futures trading services, was found to be operating without the necessary licenses and registration.
According to ASIC, Yepbit lacks an Australian Financial Services Licence and is not registered as a virtual asset service provider on AUSTRAC's Virtual Asset Service Provider Register. This has left customers exposed to an unlicensed operator.
The regulatory problem extends beyond Australia, with regulators in the Philippines and Ghana issuing warnings against Yepbit. The Philippine Securities and Exchange Commission issued a cease-and-desist order in February against Yepbit Exchange Pty. Limited and Fidelity Capital Investment Group for allegedly soliciting public investments without required approvals.
Investors who are affected by the situation are now focused on recovering their funds, with attempts to contact Yepbit directly being unsuccessful.