Australian Financial Regulator Halts ICO Planning to Raise $50 mln

  • Paul Hackley
    📰 News

    Global Tech Exchange as been halted by the Australian Securities and Investments Commission (ASIC). he project intended to launch a cryptocurrency trading platform


Australian Financial Regulator Halts ICO Planning to Raise $50 mln

Global Tech Exchange, the Brisbane-based project that was planning to raise somewhere between $10 and $50 mln through an ICO, has been halted by the Australian Securities and Investments Commission (ASIC).

The project intended to launch a cryptocurrency trading platform. The initial coin offering started on Sept. 12 and was to run until Dec. 10. Earlier this year, Global Tech gained public attention in August due to an endorsement by famous cricket-player Michael Clarke, who announced his involvement with the project on Twitter.

On Monday, Oct. 22, the company announced on its website that “Michael Clarke is no longer associated with Global Tech Exchange.” Global Tech also said that it had issued full refunds to all investors.

Cover image via u.today
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About the author

Paul Hackley is a journalist and essayist, focusing on blockchain and cryptocurrencies, with a strong interest in the future of the technology.

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