Australian Securities and Investment Commission Investigates Blockchain Mining Company NGS

According to PANews, the Australian Securities and Investment Commission (ASIC) is currently conducting an investigation into blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and Hong Kong-registered NGS Group Limited, collectively known as NGS companies. The investigation also extends to their management, employees, agents, representatives, or associated entities. The ASIC's investigation is primarily based on two concerns. Firstly, NGS companies have received funds from Australian investors, which may have been improperly handled. Secondly, NGS companies may be operating financial services businesses without holding an Australian Financial Services License (AFS license). In a previous report, an Australian court ordered the transfer of $41 million in crypto assets held by a mining company under the NGS Group to a third-party restructuring expert.