Hassan Maishera
TL;DR
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Australia’s securities regulator has warned that Yepbit is operating without the required financial services authorization.
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ASIC removed several websites allegedly connected to the crypto and futures trading platform.
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Investors reported being unable to access funds held on Yepbit.
The Australian Securities and Investments Commission (ASIC) has issued another warning against Yepbit, a digital asset and futures trading platform accused of operating in the country without the necessary authorization.
ASIC said it removed several websites purportedly operated by Yepbit after receiving complaints from investors who were unable to access their funds. The regulator has also added the platform and associated domains to its Investor Alert List.
The action places Australia alongside other jurisdictions that have raised concerns about Yepbit’s operations.
Investors Report Difficulties Accessing Funds
According to ASIC, affected investors said Yepbit blamed the regulator for preventing customers from withdrawing their money.
The platform allegedly told users that ASIC had frozen their funds while Yepbit completed audits or fulfilled regulatory requirements. However, ASIC rejected that explanation and said it had taken no action preventing the platform from returning customer assets.
The regulator clarified that its intervention was focused on protecting consumers by removing websites linked to the platform and publishing formal warnings.
ASIC’s statement suggests investors should be cautious of any platform that cites regulatory reviews as a reason for indefinitely delaying or blocking withdrawals.
ASIC said Yepbit does not hold an Australian Financial Services Licence, which may be required to provide certain investment and financial services in the country.
The platform is also not registered as a virtual asset service provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
ASIC has issued four alerts covering Yepbit-related websites. The regulator added its first warning on March 9 and placed two additional Yepbit Exchange domains on the alert list last week.
The takedown of multiple websites indicates that the platform may have operated through several domains, making it important for investors to check a provider’s licensing status rather than relying solely on its branding or website claims.
Philippines Issued Cease-and-Desist Order
Australian authorities are not the first to take action against Yepbit.
In February, the Philippine Securities and Exchange Commission issued a cease-and-desist order against Yepbit Exchange Pty. Limited and Fidelity Capital Investment Group.
The regulator alleged that the companies had solicited investments from the public without obtaining the necessary registrations and approvals.
The order prevented the entities from continuing the disputed investment activities within the Philippines.
Ghana’s Securities and Exchange Commission issued a separate warning in July covering Yepbit Exchange and Bonchat.
The Ghanaian regulator described both platforms as suspected fraudulent investment schemes and said they were not licensed to operate under its supervision.
The series of alerts across Australia, the Philippines and Ghana highlights growing international scrutiny of Yepbit and its alleged investment activities.
Earlier in August, Ghanaian social media journalist Alvin alleged that actor Jason Edwards was behind Yepbit’s operations in Ghana.
The journalist further alleged that funds generated through the platform were used to purchase vehicles, develop properties, and establish businesses.
However, the allegations have not been independently verified. No conclusive evidence establishing the claims was presented in the source report, and they should therefore not be treated as confirmed facts.
