Australia’s corporate regulator has taken down several websites linked to the digital asset and futures trading platform Yepbit after investors said they were unable to withdraw money held through the service.

The Australian Securities and Investments Commission said some customers had been told their funds were frozen because of regulatory checks. ASIC said that explanation was false and that it had taken no action that would stop Yepbit from returning investor money.

Regulator challenges Yepbit’s explanation

According to ASIC, Yepbit told investors their funds were unavailable because the regulator had frozen the money during checks. ASIC said those statements were untrue and described them as a way to deflect customer requests for withdrawals and refunds.

The dispute emerged after investors reported they could not retrieve money from the platform. ASIC’s response was to remove several websites said to be operated by Yepbit and to issue public warnings about the business.

Licence and registration warnings

ASIC said Yepbit does not hold an Australian Financial Services Licence. It also said the platform is not registered with AUSTRAC as a virtual asset service provider.

The regulator noted that AUSTRAC requires registration for providers of covered virtual asset services. On that basis, ASIC warned consumers to be cautious and to independently check whether a business is licensed or registered before sending money.

Investor alert list updated

Alongside the website takedowns, ASIC added warnings about Yepbit to its Investor Alert List. The regulator said consumers should treat offers with extreme caution if they cannot be verified through trusted sources.

ASIC has repeatedly used website disruption powers as part of its response to suspected investment scams. In this case, the takedowns form part of a broader effort to limit Yepbit’s online presence while the regulator continues to warn the public.

What happens next

ASIC has not said that it froze customer funds, and it has explicitly stated that no action it took prevented refunds or withdrawals. Its confirmed next step is continued public warning activity, including the Investor Alert List notice and the removal of Yepbit-linked websites.

For now, the key confirmed facts are that investors reported blocked withdrawals, ASIC disputes the platform’s explanation, and the regulator says Yepbit lacks the Australian authorisations it identified as relevant to offering financial or virtual asset services.

Source: crypto.news