Australian Securities Regulator Sues ASX Over Misleading Blockchain Project Statements

ASIC alleges ASX misled investors about the progress and viability of its now-cancelled blockchain-based CHESS replacement.

ASIC claims ASX's February 2022 statements about the project's progress were deceptive.
The blockchain project aimed to modernize ASX's 25-year-old clearing system but was shelved in November 2022.
An independent audit by Accenture identified significant issues with the project's design.
ASX faces potential fines and has already written off approximately $170 million in pre-tax losses.
Calls for ASX leadership resignations have emerged amid the legal proceedings.