The Federal Court has found that blockchain mining companies NGS Group Limited, NGS Crypto Pty Ltd and NGS Digital Pty Ltd operated a financial services business without an Australian financial services (AFS) licence. 

NGS Group, NGS Crypto and NGS Digital have been permanently restrained by the Court from operating a financial services business. The Court has ordered that NGS Group, NGS Crypto and an unregistered managed investment scheme operated by NGS Group be wound up and liquidators appointed.

Over 450 Australians invested approximately $59 million with NGS Group over a 6-year period, with many investing their retirement savings via self-managed superannuation funds (SMSFs) that NGS Crypto encouraged…