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  • Writer's pictureMichael Bacina

Blockchain Australia Suspends ACX Exchange's membership

Updated: May 2

There has been reports that since January that customers of digital currency exchange ACX have been unable to withdraw crypto-assets or fiat currency from ACX. recently ran the headline "Aussie exchange freezes '$1m+' of users funds in mystery audit".

The exchange has also had a message on their site to the effect that withdrawals were suspended while an audit of the hot and cold wallets used to store digital assets took place. That message is no longer present.

We have now learned that Blockchain Australia has suspended ACX's membership in response to these complaints after ACX failed to respond to a show cause notice issued by Blockchain Australia.

The Terms of Use for ACX previously identified the operator of the website as Blockchain Global Limited:

However, this reference recently changed to Peak Trading Group Pty Ltd:

Peak Trading Group appears to be a related entity of Peak Hong Kong Limited, a company which claimed to have operated the ACX website but which was wound up in November 2018 with McGrath Nicol was appointed liquidator. Little information came to light in a report to creditors for that company.

The common advice provided is for those trading digital assets not to leave their assets or funds with any exchange to manage the counter-party risk, an adage known as "your keys, your assets, not your keys, not your assets". That advice rings true for customers of ACX who are still waiting for their digital assets or funds to be returned.


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