The Australian Securities and Investments Commission (ASIC) has sued the country’s main stock exchange, ASX, in the Federal Court, alleging it made “misleading and deceptive” statements about a now-abandoned blockchain project.
ASIC said ASX’s statements that the replacement project for its Clearing House Electronic Sub-Register System (CHESS) trading platform was “on track to be live” in April 2023 and was “progressing well” were misleading.
The regulator said the project was “not progressing as planned” at the time of the early February 2022 announcement and the ASX had no “reasonable basis” to suggest the project would be ready by that date.
