ASIC warned traders towards Yepbit immediately (Wednesday) after receiving a number of stories of blocked withdrawals. The regulator mentioned the purported crypto and futures platform falsely blamed ASIC for freezing buyer funds.
The warning attaches a reputation to a tactic the Australian regulator has flagged earlier than: operators blaming regulators when traders can not get better their cash. FinanceMagnates.com reported in March 2025 that scammers have been impersonating ASIC and demanding funds to launch belongings.
ASIC mentioned Yepbit’s statements about audits or regulatory necessities have been false. “They’re designed to deflect requests for refunds,” the regulator mentioned.
ASIC Says It Did Not Freeze the Cash
Yepbit offered itself as a worldwide digital-asset and futures buying and selling platform, together with to Australian traders, in keeping with ASIC. The regulator mentioned it had taken no motion stopping Yepbit from returning funds.
The platform has no Australian Monetary Providers License, ASIC mentioned. It isn’t licensed to supply monetary providers or recommendation in Australia. Yepbit can also be absent from AUSTRAC’s Digital Asset Service Supplier Register.
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Australia is tightening its guidelines for digital-asset companies. FinanceMagnates.com reported in Could that suppliers dealing in monetary merchandise confronted a deadline to enter the AFS licensing course of, with a separate platform regime as a result of begin in April 2027.
ASIC mentioned it had eliminated a number of web sites purportedly operated by Yepbit and positioned 4 associated domains on its Investor Alert Listing.
Philippine Regulator Ordered Yepbit to Cease
The Australian discover follows earlier motion within the Philippines. The Philippine Securities and Alternate Fee issued a cease-and-desist order in February towards Constancy Capital Funding Group and Yepbit Alternate Pty. Restricted.
The Philippine regulator mentioned FCIG and Yepbit provided an “FCIG-Yepbit Funding Buying and selling Undertaking” with out the required registration.
Based on its order, members have been promised returns on investments starting from $500 to $3,000. Recruitment affected their potential to withdraw passive revenue.
The Philippine SEC described the association as having traits of a Ponzi scheme and ordered the entities, their brokers and recruiters to cease soliciting investments. Neither entity was registered with the fee, it mentioned.
An investor-alert itemizing alone doesn’t set up fraud. FinanceMagnates.com famous that distinction when Singapore positioned Bybit on its alert checklist in June. The Yepbit warning additionally consists of withdrawal complaints, alleged false statements about ASIC and web site takedowns.
ASIC Makes use of Web site Takedowns
Web site elimination has turn out to be an everyday a part of ASIC’s anti-scam work. The regulator eliminated about 6,900 funding rip-off and phishing websites within the 12 months ended June 2025, together with roughly 2,400 cryptocurrency scams, in keeping with its annual report.
ASIC gave no loss whole. It additionally didn’t disclose what number of Yepbit traders had complained or who managed the platform. FinanceMagnates.com couldn’t independently set up what occurred to the balances proven in investor accounts.
The regulator suggested affected traders to contact their banks and report suspected scams. The 4 Yepbit domains on its alert checklist are yepbit6.com, ybtaa.com, yepbit.xyz and yepbit.web.
This text was written by Damian Chmiel at www.financemagnates.com.
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