ASIC dismantles Yepbit websites amid withdrawal freeze claims

Investors reported that Yepbit claimed their money was locked due to mandatory ASIC regulatory checks or audits. The regulator explicitly denied these assertions, stating it had taken no action to prevent the platform from returning capital to its users. According to the watchdog, these claims were merely a tactic to deflect refund requests while the platform continued to solicit new deposits.

Investigations by the commission revealed that Yepbit operates without an Australian Financial Services Licence, nor is it registered as a virtual asset service provider with the Australian Transaction Reports and Analysis Centre. ASIC warned that possession of an Australian Company Number does not equate to regulatory authorization. The regulator urged consumers to verify investment platforms exclusively through official government registers, cautioning that any entity encouraging users to bypass licensed professionals requires extreme skepticism.