The Australian Securities and Investments Commission has taken down several websites linked to Yepbit after investors reported being unable to withdraw funds from the digital asset and futures trading platform. According to reports from ASIC, the regulator received multiple reports from investors who could not retrieve money held through Yepbit, which presents itself as a global trading platform and offers its services to users in Australia. The regulator has now cautioned consumers against dealing with the firm and added four related domains to its Investor Alert List: yepbit6.com, ybtaa.com, yepbit.xyz and yepbit.net. ASIC warned that entities can use claims involving regulators or other official bodies to shift responsibility for withdrawal problems while continuing to seek money from investors.
Yepbit allegedly told investors that ASIC had frozen their funds during regulatory checks, a claim the regulator said was false. As reported by ASIC, the platform made these statements to deflect withdrawal and refund requests from customers. The regulator explained that when it does take formal action to freeze funds, it announces the measure through a media release. ASIC warned that operators can use claims involving regulators or other official bodies to shift responsibility for withdrawal problems while continuing to seek money from investors. The warning attaches a name to a tactic the Australian regulator has flagged before: scammers impersonating ASIC and demanding payments to release assets.
Yepbit does not hold an Australian Financial Services Licence and is not registered with AUSTRAC as a virtual asset service provider. According to ASIC, the platform was not registered as a virtual asset service provider with the Australian Transaction Reports and Analysis Centre. Under Australia's current framework, AUSTRAC requires businesses providing covered virtual asset services to register before operating in the country. The financial intelligence agency made its VASP register publicly available on June 30, allowing consumers to check whether a provider is registered and regulated in Australia. ASIC said it had taken no action preventing Yepbit from returning funds to investors.
The Australian action follows earlier regulatory intervention by the Philippine Securities and Exchange Commission, which issued a cease-and-desist order in February against Fidelity Capital Investment Group and Yepbit Exchange Pty. Limited. The Philippine SEC described the arrangement as having characteristics of a Ponzi scheme, with participants promised returns on investments ranging from $500 to $3,000. The Philippine regulator ordered the entities to stop soliciting investments, noting that neither was registered with the commission. ASIC has also removed several websites purportedly operated by Yepbit and continues to work with other government agencies to remove harmful websites.
The enforcement action comes as Australian regulators are tightening rules for digital-asset businesses, with providers dealing in financial products facing a deadline to enter the AFS licensing process, with a separate platform regime due to start in April 2027. In June, ASIC extended temporary licensing relief for certain crypto businesses until September 30, giving eligible companies additional time to seek Australian Financial Services licences. Australia has separately expanded its anti-money laundering framework for virtual asset businesses, with updated AML laws taking effect on March 31 and additional obligations applying from July 1. ASIC advised investors to verify an AFSL through its own registers rather than relying on certificates or company registration details.
