Derived from TechFlow, on December 30, the Federal Court ruled that NGS Group Limited and its affiliated companies NGS Crypto and NGS Digital operated financial services illegally without an Australian Financial Services (AFS) license. The court has permanently banned the companies from related activities and ordered their liquidation. Around 450 Australian investors, who had invested approximately A$59 million through self-managed superannuation funds promoted by NGS, will now have their assets handled by appointed liquidators from McGrathNicol. ASIC Deputy Chair Sarah Court stated that NGS completely disregarded Australian financial laws, leaving investors without basic protections. Investigations by ASIC into the company and its directors are ongoing.
Australian NGS Blockchain Mining Firm Cleared by Court for Illegal Operations
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Australian NGS Blockchain Mining Firm Cleared by Court for Illegal Operations
On December 30, the Federal Court ruled that NGS Group, along with subsidiaries NGS Crypto and NGS Digital, violated financial laws by offering unlicensed services. The court banned the companies indefinitely and ordered their liquidation. Around 450 investors, who put A$59 million into NGS-managed superannuation funds, will now work with McGrathNicol liquidators. ASIC’s Sarah Court said the firm ignored key protections, harming liquidity and crypto markets. Ongoing CFT investigations into the directors continue.
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