Australian Securities and Investments Commission files lawsuit against crypto mining company NGS Group

Australia's markets regulator has filed a civil lawsuit against blockchain mining company NGS Group. More than 450 Australians are understood to have invested about $41 million in digital assets in companies related to the group, which have been handed over to restructuring experts with the approval of the Federal Court. The Australian Securities and Investment Commission (ASIC) accused the companies of violating the law by providing financial services without the proper licenses. ASIC said on Friday that it had filed civil lawsuits against NGS Crypto, NGS Digital and NGS Group, as well as the sole directors of the three companies, Brett Mendham, Ryan Brown and Mark Ten Caten. Mendham has also been banned from leaving the country. (CoinDesk)