Investigation into Alleged Serious Fraud at New Zealand-Based Cryptocurrency Exchange

Today, the Serious Fraud Office disclosed the launch of an investigation into the activities of a cryptocurrency exchange headquartered in New Zealand, which entered liquidation last year.

Known as Dasset on the trading front, Digital Asset Exchange Ltd went into liquidation in August 2023.

It provided its customers with a platform to trade more than 90 types of digital currencies using New Zealand dollars.

The exchange’s CEO, Stephen Macaskill, indicated that the firm struggled to secure a new banking relationship after their previous bank ceased their partnership in January 2023.

A diminishing interest in digital assets was cited as the reason behind this development in a report from the liquidators at accounting firm Grant Thornton.

At the onset of the liquidation process, Dasset had an estimated user base of 5,000, all of whom became unable to access their accounts thereafter.

Concurrent with the liquidation, the Serious Fraud Office started probing into the operations of Dasset after being notified by the Financial Markets Authority.

A representative from the SFO has confirmed the step-up from a mere inquiry to a full-scale investigation.

The SFO is calling on individuals with pertinent information regarding this case, or those who were clients of Dasset, to come forward by reaching out at dasset@sfo.govt.nz.