BY CNA team - October 23, 2018
Aussie regulator halts Global Tech’s US$50mil ICO
Global Tech Exchange, a Brisbane, Australia-based crypto exchange planning to raise up to US$50mil in an initial coin offering (ICO), has ceased the crowdfunding exercise after being requested to do so by the Australian Securities & Investment Commission.
The startup, which was set up in 2017, says that it wishes to comply with all of ASIC’s requirements and requests, to the best of its ability.
Global Tech says in an announcement on its website that full refunds have been issued to all investors but asked those who have not been refunded to contact the startup at email@example.com.
“We would also like to inform you that Michael Clarke is no longer associated with Global Tech Exchange and the Global Tech Exchange blockchain education and awareness program,” it says.
Clarke, an Aussie cricket captain, had announced his involvement in the ICO in a tweet on Aug 8. The ICO was offered from Aug 15 but the startup did not give any indication of how much was raised.
ASIC says in a report detailing the watchdog’s corporate plan from 2018 to 2022 that the focus over the 2018 to 2019 period was on developing a regulatory framework for cryptocurrency exchanges.
There are currently no specific rules governing crypto exchanges although guidelines were published last year for businesses planning to conduct ICOs.