ASIC Warns Users Of Investigated Crypto Firm Rebrand

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As a researcher, I find the recent developments surrounding NGS Crypto and its rebrand to Hiddup a concerning issue in the Australian crypto landscape. Having closely followed regulatory matters in this space, it is clear that ASIC’s actions are aimed at protecting investors and maintaining market integrity.

The Australian Securities and Investments Commission (ASIC) has issued a caution to investors regarding the recent rebranding of NGS Crypto to Hiddup, following ongoing investigations into the company’s business dealings. ASIC is working to safeguard investors and users in accordance with international regulatory standards.

ASIC Warns Users of NGS Crypto

The Australian Securities and Investments Commission (ASIC) has announced that NGS Crypto’s website and associated details have been switched to Hiddup. This development follows investigations initiated by ASIC into the company, its employees, and other representatives. In a recent statement, ASIC advised the public that accessing the NGS Crypto website now leads to Hiddup.

Starting July 1, 2024, a redirection from the NGS Crypto website to Hiddup’s website will occur. According to Hiddup’s site, NGS Crypto has undergone a rebranding process and is now known as Hiddup. Please note that ASIC will make necessary updates to this page once significant developments unfold regarding this transition.

The Australian Securities and Investments Commission (ASIC) initiated an inquiry regarding NGS Crypto Pty Ltd, NGS Digital Pty LTD, and NGS Group Limited, as well as their staff and representatives. The aim is to safeguard investors’ interests. ASIC is examining allegations of mishandled funds from Australian investors and the unauthorized operation of a finance firm in Australia that lacks a required license, an Australian Financial Services License (AFSL). Reportedly, the company owed investors approximately $41 million during this investigation.

The High Court granted ASIC’s petition to seize the digital assets owned by both the company and its directors. Consequently, receivers were appointed by the court to manage these assets.

Australia’s Crypto Landscape 

The firm has intensified its actions to broaden the scope of financial oversight, encompassing areas such as licensing, development, and taxation of assets. In accordance with international norms, this move aims to safeguard domestic financial systems. Lately, authorities have taken steps to target tax evaders by demanding user data and related information from cryptocurrency platforms. The crypto community exhibits varying opinions regarding certain tax regulations depending on their specific uses.

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2024-07-05 00:35