Australia financial regulator ASIC has issued a warning to consumers about dealing with Yepbit and Yepbit Exchange, after receiving several reports from investors who say they are unable to withdraw funds from the platform.

Yepbit is purporting to be a digital assets and futures trading platform trading globally, including in Australia. An unlicensed broker, which has apparently now shut itself down, Yepbit had been targeting retail traders mainly in Africa and the Far East.

ASIC noted that investors are also telling it that Yepbit is claiming that ASIC has frozen investor funds, while it complies with ASIC audits or regulatory requirements. These statements are false. They are designed to deflect requests for refunds. ASIC has not taken steps to prevent return of funds held by Yepbit.

Yepbit does not hold an Australian Financial Services Licence (AFSL) with ASIC and is not authorised to provide financial advice or services in Australia. Yepbit is also not a registered Virtual Asset Service Provider listed on AUSTRAC’s Virtual Asset Service Provider Register (VASPR).

ASIC said that it has taken action to protect consumers through its website takedown capability, by removing several websites purportedly operated by Yepbit. ASIC said it continues to work to take down harmful websites, including with other government agencies.