ASX Under Fire: Australia’s Securities Regulator Launches Probe Following Blockchain Project Collapse

Australia’s financial watchdog turns up the heat on ASX after its ambitious blockchain overhaul crashes and burns.

Regulatory reckoning looms

The Australian Securities and Investments Commission (ASIC) is sharpening its claws—launching a full investigation into the exchange operator’s failed distributed ledger technology initiative. Seven years and $250 million later, taxpayers are left holding the bag for what critics call 'a masterclass in how not to implement blockchain.'

When fintech meets faceplant

The CHESS replacement project was supposed to modernize Australia’s clearing system. Instead, it joins the growing graveyard of enterprise blockchain pipe dreams—right between Maersk’s TradeLens and Facebook’s Libra. Sources say the probe will examine governance, risk management, and whether anyone bothered checking if the technology actually worked before writing checks.

Bonus jab: At least the consultants got paid—in real money, not magic internet beans.