Australia’s financial regulator has warned investors to stay away from Yepbit after receiving several complaints from people who said they could not withdraw their money from the digital asset and futures trading platform.
The Australian Securities and Investments Commission (ASIC) issued the warning on Wednesday, saying Yepbit had falsely blamed the regulator for freezing customer funds.
ASIC made it clear that it had not taken any action to stop Yepbit from returning money to its customers.
Instead, the regulator said the platform was using claims about regulatory requirements and audits to explain why investors could not get their funds back.
ASIC claimed those claims were false and were being used to discourage customers from continuing to demand refunds.
ASIC says Yepbit used false claims to deflect refund requests
The regulator in its report said that the statements were “designed to deflect requests for refunds.” The tactic is not new. ASIC has previously warned about scammers using the regulator’s name to make it appear that a government agency was responsible for blocking or holding investors’ money.
In March 2025, ASIC warned that scammers were impersonating the regulator and asking victims to make payments before their supposedly frozen assets could be released.
The Yepbit case appears to involve a similar type of explanation, with the platform allegedly pointing the finger at ASIC when investors could not access their funds.
Yepbit presented itself as a global platform offering digital-asset and futures trading services, including to Australian customers.
However, ASIC said the platform does not hold an Australian Financial Services Licence (AFSL). As a result, it is not authorized to provide financial services or financial advice in Australia.
The platform is also not listed on AUSTRAC’s Virtual Asset Service Provider Register, according to ASIC.
ASIC has taken down Yepbit’s websites and is urging investors not to deal with the platform.
Australia tightens crypto oversight
The warning comes as Australian authorities continue to scrutinize crypto businesses operating in the country. Platforms providing certain financial services are required to meet regulatory requirements aimed at protecting investors and reducing risks such as fraud and money laundering.
For investors, the lack of proper registration is especially concerning when it is combined with withdrawal problems.
Being unable to withdraw funds is one of the biggest warning signs when dealing with an online investment platform. In some cases, fraudulent platforms allow users to deposit money and may even process small withdrawals before suddenly restricting access to larger amounts.
They can then claim that investors need to pay an additional tax, fee or regulatory charge before their funds can be released.
ASIC’s warning highlights why investors should be cautious when a platform makes those kinds of claims.
In Yepbit’s case, the regulator has specifically said it did not freeze the money and has not prevented the platform from returning customer funds.
The episode is also a reminder to check whether a crypto platform is actually authorized to operate before sending it money.
A website may look professional and offer sophisticated trading features, but that does not necessarily mean the company behind it is legitimate or regulated.
For investors already struggling to withdraw funds from Yepbit, ASIC’s message is straightforward: do not automatically believe claims that the regulator is holding your money, and be extremely cautious if you are asked to make another payment before your funds can supposedly be released.
