ASIC Says Yepbit Falsely Blamed Regulator for Frozen | Crypto Work Pro
ASIC warned buyers in opposition to Yepbit at this time (Wednesday) after receiving a number of experiences of blocked withdrawals. The regulator stated the purported crypto and futures platform falsely blamed ASIC for freezing buyer funds.
The warning attaches a identify to a tactic the Australian regulator has flagged earlier than: operators blaming regulators when buyers can not get better their money. FinanceMagnates.com reported in March 2025 that scammers had been impersonating ASIC and demanding funds to release property.
ASIC stated Yepbit’s statements about audits or regulatory necessities had been false. “They are designed to deflect requests for refunds,” the regulator stated.
ASIC Says It Did Not Freeze the Money
Yepbit offered itself as a international digital-asset and futures trading platform, together with to Australian buyers, in keeping with ASIC. The regulator stated it had taken no motion stopping Yepbit from returning funds.
The platform has no Australian Financial Services License, ASIC stated. It will not be licensed to supply financial providers or advice in Australia. Yepbit can be absent from AUSTRAC’s Virtual Asset Service Provider Register.
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Australia is tightening its guidelines for digital-asset companies. FinanceMagnates.com reported in May that suppliers dealing in financial merchandise confronted a deadline to enter the AFS licensing course of, with a separate platform regime as a consequence of begin in April 2027.
ASIC stated it had eliminated a number of web sites purportedly operated by Yepbit and positioned 4 associated domains on its Investor Alert List.
Philippine Regulator Ordered Yepbit to Stop
The Australian discover follows earlier motion within the Philippines. The Philippine Securities and Exchange Commission issued a cease-and-desist order in February in opposition to Fidelity Capital Investment Group and Yepbit Exchange Pty. Limited.
The Philippine regulator stated FCIG and Yepbit provided an “FCIG-Yepbit Investment Trading Project” with out the required registration.
According to its order, individuals had been promised returns on investments starting from $500 to $3,000. Recruitment affected their capability to withdraw passive income.
The Philippine SEC described the association as having traits of a Ponzi scheme and ordered the entities, their brokers and recruiters to stop soliciting investments. Neither entity was registered with the commission, it stated.
An investor-alert itemizing alone doesn’t set up fraud. FinanceMagnates.com famous that distinction when Singapore positioned Bybit on its alert record in June. The Yepbit warning additionally consists of withdrawal complaints, alleged false statements about ASIC and web site takedowns.
ASIC Uses Website Takedowns
Website removing has grow to be a common half of ASIC’s anti-scam work. The regulator eliminated about 6,900 investment rip-off and phishing websites within the 12 months ended June 2025, together with roughly 2,400 cryptocurrency scams, in keeping with its annual report.
ASIC gave no loss complete. It additionally didn’t disclose how many Yepbit buyers had complained or who managed the platform. FinanceMagnates.com couldn’t independently set up what occurred to the balances proven in investor accounts.
The regulator suggested affected buyers to contact their banks and report suspected scams. The 4 Yepbit domains on its alert record are yepbit6.com, ybtaa.com, yepbit.xyz and yepbit.web.
This article was written by Damian Chmiel at www.financemagnates.com.
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