ASIC Issues Warning on Rebranding of NGS Crypto to Hiddup Amid Investigation

• The Australian Securities and Investments Commission (ASIC) issues a public warning regarding the rebranding of NGS Crypto to Hiddup.
• NGS Crypto, currently under investigation, shifts its identity to Hiddup amidst regulatory scrutiny.
• Australian regulators continue to tighten cryptocurrency regulations to safeguard investors and uphold market integrity.

ASIC alerts the public on NGS Crypto’s rebranding to Hiddup, aiming to protect investors amid ongoing investigations.

ASIC Warns Users of NGS Crypto’s Rebranding

The Australian Securities and Investments Commission (ASIC) has issued a formal warning to investors regarding the rebranding of NGS Crypto to Hiddup. According to ASIC, the company changed its website and associated details amid ongoing investigations into its operations. The regulator highlighted that, effective from July 1, 2024, NGS Crypto’s website now redirects to Hiddup.

Details of the Ongoing Investigation

ASIC’s investigation into NGS Crypto covers several entities, including NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Limited. The inquiry extends to the company’s employees and representatives as ASIC investigates allegations of fund mismanagement and operating without the necessary Australian Financial Services License (AFSL). It is purported that the company owes approximately $41 million to investors.

ASIC’s Actions to Protect Investors

To further safeguard investors, ASIC has procured court orders to freeze the digital assets of the implicated firm and its directors. The Federal Court’s approval allows the appointment of receivers to manage these assets, ensuring they remain inaccessible to prevent further potential misconduct.

Broader Implications for Australian Crypto Regulation

The ASIC’s diligent efforts to monitor and control cryptocurrency activities underline Australia’s commitment to align with global regulatory standards. This includes enforcing stringent regulations on licensing, development, and taxation within the crypto industry. Such measures aim not only to protect the financial market but also to curb illegal financial activities, like tax evasion, by demanding detailed personal information from crypto exchanges.

Conclusion

ASIC’s warning about the rebranding of NGS Crypto to Hiddup underscores their proactive stance in protecting investors from potential risks associated with unregulated financial activities. As crypto regulations continue to evolve, investors should remain vigilant and well-informed to navigate this complex financial landscape effectively.