Australian NGS blockchain mining company liquidated by court for illegal operations

ChainCatcher Message: The Federal Court has ruled that NGS Group Limited and its affiliates NGS Crypto and NGS Digital operated financial services illegally without holding an Australian Financial Services (AFS) license. They are now permanently prohibited from engaging in related activities and have been ordered to liquidate. It is reported that approximately 450 Australian investors invested around AUD 59 million through these companies, most of which were invested via self-managed superannuation funds established with NGS’s encouragement. The court has appointed professionals from McGrathNicol as liquidators to handle the company’s assets and to return funds to investors as much as possible. ASIC Deputy Chair Sarah Court stated that NGS companies completely disregarded Australian financial services laws, leaving investors without basic protections. Investigations into the company and its directors are still ongoing.