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Law & Order

$50 Million ICO Shuts Down ‘in Accordance with’ Regulatory Requirements In Australia

Global Tech Exchange, an Initial Coin Offering (ICO) project located in Brisbane, Australia has been reported to announce that its token sale has been pulled up by Australia’s securities regular. It published on its website on Monday that the Australian Securities Investments Commission (ASIC) has made them terminate their token sale.

As reported by the tracking site ICO Bench, Global Tech Exchange aimed to fund an amount of $10 to $50 Million approximately for the purpose of a start-up of its own cryptocurrency platform. The token sale was originally planned to run from 12th September to 10th December.

A large number of investors had already funded the project before the halt took place and since the project has been called off, ASIC has ordered the company to refund its investors in full compensation. The information regarding the amount raised through funding is still not out.

The project gained wide public attention and attraction in August before it even started its token sale. The foremost reason behind such a large attraction was a tweet by the famous cricket player, Michael Clarke in which he announced his involvement in the project. In order to make things more clear to the public, after the halt the company announced that the sensational cricket player is no longer associated with it.

ASIC has halted the operations of five such ICO’s since April 2018. The reason given by the regulator of ASIC in support of the statement is that many ICO’s for now have just been paused for restructuring its operation in compliance with the applicable legal requirements whereas many other were ordered to completely halt or shut down.

ASIC has not yet replied to a CoinDesk’s question seeking the reason behind the shutting down of Global Tech’s ICO. The only known reason is that the company submitted a voluntary application for de-registering itself with the agency on 19th October.

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