# Australian regulator blocks Yepbit websites following investor complaints Access restrictions imposed on the platform after withdrawal issues - **Source:** [INCRYPTED](https://brifing.si/source/7cd4625d-3f08-4cc1-983d-4c7d991839ba) - **Published:** 2026-08-12 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/b2b091ce-3032-4915-a36c-e5d03c67f4bd ## Access restrictions on Yepbit The Australian Securities and Investments Commission (ASIC) has blocked several websites associated with the Yepbit platform. This decision came after complaints from investors unable to withdraw their assets. ASIC stated that Yepbit lacks a financial services license and exhibits characteristics of a pyramid scheme. This isn't ASIC's first warning about Yepbit; the platform was added to the suspicious list in March 2026. ## Misleading statements Yepbit's team claimed withdrawal issues were due to ASIC audits. However, the regulator denied these claims, stating they were attempts to conceal refund requests. ASIC emphasized it hasn't taken any action to prevent fund returns from Yepbit. The number of affected investors and total damage amount remain undisclosed. ## Pyramid scheme allegations BehindMLM magazine has openly labeled Yepbit as fraudulent. According to the publication, the platform operates as a pyramid scheme in partnership with Fidelity Capital Investment Group, allegedly led by Jonathan Brook - a character reportedly created by AI. Users were required to make initial investments between $500-$3000. ## Fake trading mechanism A victim on Reddit explained that despite being positioned as a crypto asset trading platform, Yepbit didn't provide such services. Users were instructed to copy codes from Bonchat and paste them into Yepbit, presented as trading training. Later, they were asked to deposit additional assets to access blocked funds. ## Regulatory warning history In ASIC's initial March 2026 warning, Yepbit was added to the list of suspicious financial service providers. The regulator noted the platform operated without a license and warned investors about potential risks. Despite this, the platform continued operations until the recent website blocking decision. ## Similar cases in the industry Withdrawal issues aren't new in the crypto sector. BitMart platform faced similar complaints and criticism. Such incidents highlight the importance of regulation in crypto asset platforms. Investors should prefer licensed platforms and approach high-return promises cautiously. ## AI usage claims According to BehindMLM's report, Yepbit's supposed manager Jonathan Brook is a fictional AI-generated character. This shows the new level of technology use in fraud methods. AI-generated fake identities create new challenges for regulators. ## Implications for investors The Yepbit case demonstrates investors' need for caution regarding high-return promises. Unlicensed platforms and investments showing pyramid scheme characteristics carry significant risks. Heeding regulatory warnings and reporting suspicious cases through official channels are crucial for investor protection. ## Sources covering this story - https://incrypted.com/avstralyjskyj-reguljator-zablokyroval-sajty-yepbit-posle-zhalob-ynvestorov/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._