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.

By Stan Higgins

Nov 23, 2015 at 5:51 p.m. UTC

Updated Sep 11, 2021 at 12:00 p.m. UTC

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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 Group

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

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