ASIC Takes Down Yepbit Websites as Investors Report Withdrawal Problems

Highlights:

• ASIC removed several Yepbit websites after investors reported they could not withdraw funds.
• ASIC rejected claims that it froze investor money during regulatory audits.
• The platform lacks an AFSL and AUSTRAC virtual asset service provider registration.

The Australian Securities and Investments Commission (ASIC) has removed several websites linked to the trading platform after investors reported blocked withdrawals. ASIC also added warnings to its Investor Alert List following multiple complaints from people seeking access to their money, according to the official statement on August 12.

The platform presents itself as a global digital asset and futures trading service. The regulator says it lacks the licenses required to provide financial services in Australia. Notably, the takedowns follow four earlier alerts concerning related domains. The first warning initially appeared on March 9 this year.

ASIC Responds After Yepbit Withdrawal Complaints

ASIC says investors reported the platform blaming the regulator for frozen funds during supposed audits or compliance checks. However, ASIC rejected those claims and said it had not blocked the return of investor money. According to the watchdog, those explanations aimed to deflect requests for withdrawals and refunds. Moreover, ASIC said formal fund freezes would normally appear through an official media release.

🚨 Australia’s financial regulator ASIC has taken down several Yepbit websites after investors reported being unable to withdraw their funds.

ASIC said Yepbit is not licensed to provide financial services in Australia and denied claims that it had frozen investors’ funds. pic.twitter.com/O8vliQanNd

— Cockpit (@cockpit_xyz) August 12, 2026

At the same time, ASIC found that Yepbit does not hold an Australian Financial Services Licence (AFSL). Therefore, it cannot lawfully provide covered financial advice or services under that licence framework. Furthermore, ASIC said the business does not appear on AUSTRAC’s Virtual Asset Service Provider Register (VASPR). That register lets consumers check whether covered virtual asset businesses have completed the required registration process.

AUSTRAC opened the public VASP register on June 30 as Australia widened oversight of digital asset businesses. The register covers several activities, including money-to-crypto exchanges, crypto transfers, safekeeping, and some crypto-to-crypto services. Meanwhile, AUSTRAC can refuse, suspend, or cancel registrations when serious financial crime risks arise. ASIC also stressed that a company registration or Australian Company Number does not replace an AFSL.

Regulators Outside Australia Also Raise Concerns

Regulators in other jurisdictions have also acted against the platform this year. In February, the Philippines Securities and Exchange Commission issued a cease-and-desist order involving the company’s Australian entity. The order also named Fidelity Capital Investment Group over alleged unapproved public investment solicitation. 

In July, Ghana’s Securities and Exchange Commission warned against Yepbit Exchange and Bonchat. The Ghanaian regulator described both operations as suspected fraudulent investment schemes and said neither held local authorization. 

Separately, a Ghanaian social media journalist made allegations about people connected to the platform’s local operations. Those allegations named actor Jason Edwards as the alleged figure behind the business in Ghana. The claims also linked him to houses, businesses, and expensive vehicles. However, those claims have not received independent verification. 

Australia Tightens Oversight Across Crypto Services

Meanwhile, Australia has strengthened its broader digital asset oversight during recent months. In May, AUSTRAC launched supervision campaigns covering over-the-counter crypto operators and local exchanges. Those reviews aimed at examining business models, governance standards, and controls designed to limit money laundering risks.

AUSTRAC also recently suspended Cryptolink’s VASP registration for three months starting August 9. The agency also ordered 96 crypto ATMs offline during the suspension period. It cited reporting failures and continuing concerns about high-risk transactions moving through the company’s ATM network. 

🚨 JUST IN: 🇦🇺Australia orders all 96 Cryptolink Bitcoin ATMs OFFLINE for 3 months over anti-money laundering failures.

AUSTRAC says the company missed basic transaction reporting requirements and ignored requests for info.

Comes after Cryptolink already paid a $56,340 fine in… pic.twitter.com/hiNB6Pmlbm

— CoinMarginalX (@CoinMarginalX) August 10, 2026

Australia approved a crypto licensing bill in April for exchanges and custody businesses. That law requires covered exchanges and custodians to obtain an AFSL under the new framework. It also gives ASIC stronger powers over custody, disclosure, settlement, and platform conduct. Meanwhile, smaller firms received certain exemptions as the rules roll out gradually.