Breaking: ASIC Issues A Formal Legal Notice To Byte Power Group

As per an all new report released earlier today, the Australian Securities and Investments Commission (ASIC) has issued a ‘legal notice’ to a crypto firm called Byte Power Group Limited— on grounds that the firm has time-and-again failed to comply with its financial disclosure duties.

To elaborate further on the matter, we can see that the in order to compensate for its latest compliance-related lapses, Byte Group has had to pay a fine of AU$33,000 (US$23,491) to the ASIC.

More On The Matter

As per a recent press release, the ASIC claims that Byte Power Group Limited told its shareholders in 2017 that the company had partnered with Singapore-based Soar Labs Pvt Ltd (Soar Labs) so as to create an all-new cryptocurrency exchange.

Additionally, a spokesperson for Byte also announced in October 2017 that the above mentioned trading platform would be launched by the end of the year.

However, ASIC investigators found that even by the start of December 2018, Soar Labs had failed to deliver on its above-stated promises and had tried to contact a new intermediary developer to create the exchange platform. What was even shadier was the fact that the firm had not informed the Australian regulator about any of these developments.

On the issue, an executive from ASIC also made it clear to the Byte Power Group that they should have “not have contracted a new firm to develop the software for its exchange” and that not conveying such important data to the government agency was a ‘step owing to infringement’.

Lastly, it should be noted that despite the firm paying its aforementioned fine on time, the Australian Securities Exchange (ASX) has yet to lift its trading ban on the company.

Final Take

In closing out the article, the folks over at the ASX have recently hinted that Byte Power’s securities offerings will continue to remain suspended from trading operations till all of the required investigations have been completed by pertinent authorities.

Last but not least, ASIC has also barred the firm from organizing any fundraising events without filling out a ‘full-form prospectus’ till the end of the year.

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