The Australian Securities and Investment Commission (ASIC) has suspended three Gemini-run crypto funds from asset manager Holon Investments.
According to a press release, the Australian Securities and Investment Commission, Sydney based asset manager Holon Investments‘s three different crypto funds for retail investors for 21 days suspended. The reasoning behind the decision is that Holon Investments “mismatched market target“It was stated that there was a determination.
According to the regulator, Holon’s crypto funds could potentially middle, high or very high risk and believes that it is not suitable for its target market audience, which includes investors in the yield profile. Holon of suspended funds Ethereum (ETH), Bitcoin (BTC) and Filecoin (FIL) said funds. The three funds in question are managed by cryptocurrency exchange Gemini.
ASIC officials made the following statements about the developments:
If ASIC’s warnings are not addressed in a timely manner, the funds will be ordered to cease permanently. Holon has the opportunity to file an application with ASIC before any final stop orders are made.