Australia Cracks Down on Yepbit as Withdrawal Complaints Mount

TLDR

• ASIC removes Yepbit websites after customers report blocked fund withdrawals.

• Yepbit lacks an AFSL and remains absent from AUSTRAC’s public VASP register.

• ASIC rejects Yepbit claims that the regulator froze customer account funds.

• Australia expands website takedowns against suspected crypto investment scams.

• Regulators tighten crypto licensing and anti-money laundering rules nationwide.

Australia’s securities regulator has intensified action against Yepbit after customers reported repeated problems accessing funds held on the trading platform. ASIC removed several related websites and warned consumers against dealing with the business. The regulator also rejected claims that it had frozen money held through Yepbit.

ASIC targets Yepbit over withdrawal complaints

ASIC received several reports from customers who said they could not withdraw money from Yepbit accounts. The platform markets digital asset and futures trading services to users across several countries, including Australia. ASIC said the business lacks the required Australian Financial Services Licence.

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