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Australian Securities Exchange fined 20.5 million Australian dollars for misleading disclosure on blockchain CHESS replacement project

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According to Crowdfund Insider, the Australian Federal Court has ordered ASX, the operator of the Australian Securities Exchange, to pay a fine of 20.5 million Australian dollars for making misleading statements in the progress disclosure of the CHESS replacement project. ASIC stated that ASX claimed in February 2022 that the project was "progressing well," but at the time, the project was internally marked as "red," indicating significant unresolved issues or delivery risks. The project originally planned to use distributed ledger technology to replace CHESS and was scheduled to go live in April 2023, but ASX suspended the project in November 2022 and confirmed approximately 245 million to 255 million Australian dollars in pre-tax project cost impairments. The court also ordered ASX to pay 3 million Australian dollars in costs to ASIC.
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GateUser-5d719aba
· 11h ago
Even established exchanges can be hit by regulators; ASIC was quite harsh this time.
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Re-StakingSucculents
· 11h ago
250 million impairment loss + fines—ASX is taking a huge hit this round, and replacing the traditional clearing system with DLT isn’t that simple
View OriginalReply0
RektRecoveryCoach
· 12h ago
CHESS Project Suspension Explanation: Before distributed ledgers are deployed on critical infrastructure, boasting requires paying taxes
View OriginalReply0
GateUser-7df43e29
· 12h ago
Calling a red alert risk as smooth progress, that's some slick information disclosure.
View OriginalReply0

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