Bitcoin Miner Faces New Pressure from Australian Regulator

Australian bitcoin firm Bitcoin Group is hiring a bitcoin expert after the country's top regulator raised concerns about its forthcoming IPO.

AccessTimeIconNov 23, 2015 at 5:51 p.m. UTC
Updated Aug 18, 2021 at 4:23 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Australian bitcoin firm Bitcoin Group is hiring a bitcoin expert after the country's top regulator raised fresh concerns amid the firm's bid to launch an initial public offering (IPO).

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • filed its second supplementary prospectus on Friday, 20th November, a move that pushed the firm’s IPO closing date to 8th January of next year.

    According to the company, the Australian Securities and Investment Commission (ASIC) has prompted the firm to hire "an appropriately qualified independent expert" who, according to the note, will:

    "...respond to issues raised by ASIC concerning the Replacement Prospectus including how the Bitcoin industry operates, [and] the variables underpinning the Bitcoin Mining Equation...and its impact on BCG, and information setting out future performance of BCG. BCG is appointing an independent expert to prepare a report in relation to these matters.”

    Bitcoin Group has been required by ASIC to file new documentation over the past few months and has been scolded publicly amid its IPO push, which has seen delays in the past.

    Bitcoin Group, based in Melbourne, operates its own bitcoin mine and claims to possess as much as 6 petahash in capacity. It previously focused its efforts on bitcoin trading.

    Neither ASIC or Bitcoin Group responded to requests for further comment as of press time.

    Paperwork image via Shutterstock 

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.