ASIC shuts Yepbit crypto sites as investors report blocked withdrawals
Australia’s corporate regulator has dismantled websites operated by unlicensed crypto platform Yepbit, joining a growing international effort to halt the exchange amid widespread investor complaints.
The Australian Securities and Investments Commission removed several websites operated by Yepbit on Wednesday. The digital assets and futures trading platform faced a wave of complaints from users who reported being entirely unable to access their deposited funds.
Yepbit attempted to deflect blame for the locked accounts by telling clients that the national regulator had frozen their capital. The platform explicitly claimed the freeze was necessary while it complied with official audits and broader regulatory requirements.
ASIC explicitly rejected those assertions in a public statement, stating it had taken no steps to prevent the return of money held by the exchange. The watchdog confirmed that Yepbit operates without an Australian Financial Services Licence and lacks registration on AUSTRAC's Virtual Asset Service Provider Register.
The coordinated takedown highlights the escalating risks for retail investors navigating unregistered offshore crypto venues. It also underscores how fraudulent platforms increasingly weaponize the guise of regulatory compliance as a convenient pretext to indefinitely trap user capital.
Australian authorities are not acting alone in targeting the unlicensed exchange. The Philippines Securities and Exchange Commission issued a formal cease-and-desist order in February against Yepbit Exchange Pty. Limited and Fidelity Capital Investment Group for unauthorized public solicitation.
Ghana’s securities regulator followed with a similar warning in July. The West African watchdog flagged both Yepbit Exchange and an affiliated entity called Bonchat as suspected fraudulent investment schemes operating without proper authorization.
ASIC has steadily escalated its own warnings over the past several months. The regulator issued its first alert on March 9, added two further Yepbit Exchange domains to its Investor Alert List last week, and utilized its specific website takedown capability to execute Wednesday's removals.
Unverified social media reports in Ghana have linked local actor Jason Edwards to the platform's regional operations. A local journalist named Alvin alleged Edwards used millions in proceeds to purchase real estate, build businesses, and acquire expensive vehicles.
These specific claims regarding the actor remain entirely unverified by authorities. Meanwhile, attempts by media outlets to contact Yepbit for comment through the email address listed in ASIC’s official statement have simply bounced back.
