The Australian corporate regulator has prevented Blockchain Global director Ryan Xu from leaving the country while it examines the collapse of the company’s cryptocurrency exchange.
The Australian Securities and Investments Commission (ASIC) said on Wednesday that the Federal Court issued interim travel restraint orders against Xu, also known as Zijing Xu, on October 20.
The orders prevent him from leaving or attempting to leave Australia until December 20.
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Barred from leaving the country
ASIC requested the limitations ex parte, which means Xu has not yet had the opportunity to react in court. On October 30, the case will be heard inter partes, with all parties present.
The inquiry focuses on Blockchain Global’s participation in running the ACX Exchange, a now-defunct cryptocurrency platform where consumers could buy, sell, and store digital assets. The exchange failed in late 2019 after users reported issues retrieving their cash.
Blockchain Global was liquidated in February 2022. Liquidators later informed ASIC that the business owes around A$58 million ($37.3 million) to unsecured creditors as of October 2023. In early 2024, the regulator initiated a formal investigation of the firm and its directors.
ASIC stated that it requested the travel ban because it was concerned that Xu might leave the country while the inquiry was ongoing.
ASIC takes on crypto firms
The action is yet another attempt by Australian authorities to recoup monies for impacted investors and strengthen the regulation of failing cryptocurrency firms. In the past, ASIC has taken legal action against several digital asset companies that failed during the 2019–2022 slump in the industry.
Once a prominent participant in Australia’s blockchain sector, Blockchain Global operated several cryptocurrency companies and marketed itself as a bridge between established finance and emerging digital marketplaces. However, its demise put consumers and creditors at risk of suffering millions of dollars in damages.
Other developments
On July 28th, we reported, Bitget received a public warning from the Australian Securities and Investments Commission for offering unregistered cryptocurrency futures with up to 125:1 leverage.
The regulator found that Bitget did not have an Australian Financial Services licence when it advertised the products on its website and mobile application.
In July 2025, after nearly three years of regulatory ambiguity, the Federal Court found in favour of Finder.com, clearing the firm and its cryptocurrency yield product, Finder Earn, in a major legal victory for the Australian fintech sector.
This shows that Australia is moving very significantly with cryptocurrency regulations and scrutiny over crypto exchanges and wallets. The country is supporting the development of the cryptospace in the country, along with protecting the interests of its users.