Australian regulator ASIC issued an urgent warning Wednesday against crypto platform Yepbit after receiving multiple reports of blocked customer withdrawals. The regulator confirmed that Yepbit falsely claimed ASIC was responsible for freezing investor funds, a deceptive tactic used to deflect refund requests. ASIC stated categorically it took no action preventing Yepbit from returning money and that the platform’s claims about regulatory audits or compliance requirements are completely false.
Yepbit operates without an Australian Financial Services License and does not appear on AUSTRAC’s Virtual Asset Service Provider Register, making it unauthorized to provide financial services in Australia. ASIC has removed several Yepbit-operated websites and added four related domains to its Investor Alert List. The warning follows similar action in the Philippines, where securities regulators issued a cease-and-desist order in February, citing Ponzi scheme characteristics in Yepbit’s investment structure offering returns on deposits between five hundred and three thousand dollars.
FXnCO Insight
Traders and brokers should immediately verify any platform’s regulatory status through official channels before engaging, as unauthorized operators increasingly blame regulators to delay withdrawals during exit scams.
Source: Finance Magnates