ASIC Sues ASX for Misleading Statements on Blockchain CHESS Project

Aug 14, 2024, 01:15 AM

The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against the Australian Securities Exchange (ASX) in the Federal Court. The lawsuit alleges that ASX made misleading statements regarding the progress of its Clearing House Electronic Subregister System (CHESS) replacement project, which was a blockchain project. This project, which involved a significant technology upgrade, has faced years of delays and concerns. ASIC claims that the statements about the project's status were false, citing broad corporate failure, and it plans to seek penalties against ASX for these alleged misrepresentations.