Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), has obtained interim travel restraint orders against Blockchain Global Limited (in liquidation) director Zijing “Ryan” Xu as part of its ongoing investigation into the collapse of a crypto asset exchange formerly operated by the company.
The Federal Court of Australia issued the orders on October 20, 2025, prohibiting Xu from leaving or attempting to leave the country until December 20, 2025.
ASIC sought the orders on an ex parte basis, meaning Xu was not initially present in court or given an opportunity to respond. The matter will return for an inter partes hearing on October 30, when all parties will have the chance to be heard.
ASIC’s investigation centers on Blockchain Global’s involvement in the now-defunct ACX Exchange, a digital-asset trading platform that collapsed in late 2019 after customers reported difficulties withdrawing their funds.
Blockchain Global subsequently entered liquidation in February 2022, and liquidators later informed ASIC that the company owed approximately A$58 million (US$37 million) to unsecured creditors as of October 2023.
The regulator said it applied for the travel ban amid concerns Xu could leave Australia before the probe concludes.
ASIC is investigating whether Xu and other company directors breached corporate or financial laws in their management of customer assets and company solvency.
The court’s order is a civil measure, not a criminal charge, aimed at ensuring Xu’s availability during ongoing proceedings.
ASIC has been stepping up scrutiny of failed crypto firms in Australia, following a series of collapses between 2019 and 2022 that left investors facing significant losses.
Once regarded as a leading figure in Australia’s blockchain sector, Xu co-founded Blockchain Global and promoted it as a bridge between traditional finance and the digital economy.
The company’s downfall and the mounting creditor claims have since made it one of the most high-profile failures in Australia’s crypto history.