ASIC Shuts Down Yepbit, Denying Fund Freeze Claims Amid Withdrawal Issues

Australian regulator ASIC closed Yepbit websites after investors reported withdrawal failures. The agency refuted platform claims that ASIC froze assets, citing lack of licensing.

Woofun AI reports that Australia's Securities and Investments Commission (ASIC) has shut down multiple websites belonging to the digital asset platform Yepbit and warned users against trading on the service. The regulator received reports from investors who were unable to withdraw funds from Yepbit, which claims to offer global digital asset and futures trading services, including to Australian investors.

ASIC stated that Yepbit fabricated the claim that "ASIC froze funds" in an attempt to delay investors' requests for refunds. The agency noted that Yepbit does not hold an Australian financial services license nor is it registered with AUSTRAC as a virtual asset service provider. ASIC advises investors to verify whether a platform holds the necessary licenses and to be extremely cautious about investment opportunities that cannot be verified.