The Australian equivalent of the SEC is known as "ASIC", Australian Securities and Investments Commission - and while the specifics of the case haven't been made public, today the company announced they have been ordered to cease operations.
Their website has been completely dismantled, with the exception of the following message:
"We would like to inform you that the Global Tech Exchange’s (‘Global Tech’) Initial Coin Offering (ICO) has now ceased in accordance with ASIC requirements.
As a result of this Global Tech has issued full refunds to all investors. If you have invested with Global Tech and have not yet received a refund please contact support@gttrade.io.
We would also like to inform you that Michael Clarke is no longer associated with Global Tech Exchange and the Global Tech Exchange Blockchain education and awareness program.
Global Tech would like to inform you that it wishes to comply with all of ASIC’s requirements and requests, to the best of it’s ability."
So far, Australian regulators have been fairly reasonable - of the 5 ICO's they shut down, 4 of them were allowed to start back up after implementing changes that ASIC requested. Which leads us to believe whatever GTrade's violations were, they were severe enough to warrant an entire closer - with no second chances.
Author: Justin Derbek
New York News Desk
