The Australian regulator has frozen the ICO for $50 million.

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The Australian regulator has frozen the ICO for $50 million.

22 Oct Australian ICO project, intending to raise $50 million, announced that the local regulator stopped him tocancel. In Brisbane the work of the project Global Tech Exchange intervened Australian Commission investment securities (ASIC). It is reported СoinDesk.

According to the site ICO Bench, Global Tech was planning to raise $10 million to $50 million to create a cryptocurrency trading platform. Tocancel began on 12 September and was to last until December 10.

It is unclear how much money the project managed to collect, but the company said it returned the money to investors in accordance with the requirement of the ASIC.

In August, on the eve of public licensee, the project has attracted attention because it advertised cricket star Michael Clarke, who declared their participation. Published October 22 statement, the company said that “Clark is no longer associated with Global Tech Exchange”.

ASIC recently announced that, from April 2018 stopped at least five ICO. The regulator considered fraudulent and shut down permanently, while others given a chance to change operation parameters, bringing them into line with the requirements of the law.

In this case, documents from the ASIC, it follows that, on 19 October the company Global Tech Exchange voluntarily applied for cancellation of registration.

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