Australian regulator in no rush to investigate Bitcoin firm Igot

Igot is an Australian Bitcoin exchange platform. The delay in the return of funds from platform traders has caused dissatisfaction among platform users, who have expressed their desire to use legal means to get the company to return the funds. However, its founder Rick Day denied that the company was insolvent, saying that the delay in the release of funds was caused by problems with the bank, and the company is already trying to solve the problem. The Australian Securities and Investments Commission also said that the current situation is not enough for it to intervene in the investigation.

Translation: Annie_Xu

Australia’s top securities regulator says it cannot yet intervene in a long-running dispute between bitcoin exchange Igot and consumers.

In comments to The Sydney Morning Herald, the Australian Securities and Investments Commission (ASIC) said it would have to be a failure for Igot to investigate, despite allegations from consumers that their funds were still locked up and denials that the funds existed.

The representative told the media:

"No matter which company it is, we will only intervene in the investigation when it enters the liquidation or regulatory process and is suspected of illegal or irregular operations."

Igod's Scrutiny software has been accused of scamming before, and this time the Australian Broadcasting Corporation (ABC) report mentioned this issue again.

Rick Day

Igot founder Rick Day revealed that businesses are indeed unable to pay consumers.

"I know that consumers are impacted and unhappy, but I want to make sure everyone knows that we didn't lose their money, we didn't run away, we're going to return all the money."

When asked for comment, he declined to say the company was insolvent.

"Some consumers have been impacted by delays in disbursement of funds, which we are seeking to resolve; bank-related issues have had some impact on our operations."

Consumers of the company's services said they have been seeking an answer for months.

Australian bitcoin company Digital CC, one of Igot’s clients, said Igot still owed them $180,000. According to an ASIC announcement, Digital CC is seeking to dissolve Igot through legal means, sell its assets, and pay its creditors.

Many people also said that they had tens of thousands of dollars in assets trapped on the company's platform.