CandleFocus Aussie Crypto Exchange’s Ex-CEO Charged for $1.5M Theft from Customer
2024-10-22
Author: Content Editor
The Australian Securities and Investments Commission (ASIC) has charged Grant Colthup, the former CEO of ACCE Australia and operator of the Mine Digital crypto exchange, with fraud. Colthup is accused of stealing AU$2.2 million (about US$1.5 million) from a customer who deposited the funds to purchase Bitcoin but never received any cryptocurrency in return. Colthup used the funds to pay ACCE's liabilities and purchase cryptocurrency for others, according to ASIC. ACCE entered liquidation in September 2022. The action against Colthup follows ASIC's failed attempt to penalize Block Earner, another cryptocurrency company, for offering interest-bearing products without a financial services licence. Australian regulators are drafting updated guidance that will require cryptocurrency exchanges to obtain financial services licences. ASIC's powers have also been extended to oversee various capital markets entities.
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