ASIC warns investors over Yepbit platform

ASIC has warned investors against dealing with Yepbit and Yepbit Exchange after receiving reports customers have been unable to withdraw funds from the purported digital assets and futures trading platform.

Yepbit claims to operate globally, including in Australia, but does not hold an Australian financial services licence (AFSL) and is not authorised to provide financial advice or services in Australia.

The corporate regulator said Yepbit has falsely claimed ASIC froze investor funds while it complied with regulatory requirements or audits.

"ASIC has not taken steps to prevent return of funds held by Yepbit," the regulator said, describing the claims as false and designed to deflect requests for refunds.

ASIC has issued warnings about several Yepbit websites through its Investor Alert List and has used its website takedown powers to remove multiple websites purportedly operated by the platform.

The regulator said consumers should be particularly cautious of investment opportunities that cannot be independently verified through trusted sources or encourage investors to bypass licensed professionals.

ASIC also noted Yepbit is not registered as Virtual Asset Service Provider listed on AUSTRAC's Virtual Asset Service Provider Register (VASPR).

The warning comes as ASIC continues to target investment scams and unlicensed operators, with the regulator urging consumers to independently verify licencing and contact details rather than relying on claims made by investment platforms.

ASIC said consumers should check its professional registers to confirm whether an entity holds an AFSL and whether the licence permits the activities being promoted.

It also warned scammers may falsely claim a company registration or Australian Company Number means an entity is licenced by ASIC.

The regulator advised investors who suspect they have been scammed to contact their bank immediately, particularly if they have transferred money or disclosed personal or financial information.

ASIC also cautioned investors to be alert to recovery scams, where criminals offer to retrieve lost funds in exchange for further payments.

Consumers can report suspected scams to Scamwatch, while ASIC Moneysmart Investor have been identified as unlicenced or potentially fraudulent.