The company is seeking AU$464.7 million from the exchange operator as damages.
iSignthis (ASX: ISX) has submitted an amended statement of claim on Tuesday to strengthen its demand for AU$462 million in damages from the Australian Securities Exchange (ASX) for the suspension of ISX trading on the exchange since October 2019.
The statement of claim includes new evidence obtained by the company from ASX with a court order. It mostly covers minutes of several conversations between the exchange and the Australian Securities & Investments Commission (ASIC).
According to the filing, the Australian exchange did not have any solid reason to suspend the quotes of ISX shares, and it discussed the matter with the financial market regulator.
Unveiled Minutes of Conversations
“Upon revisiting these ISX documents already in ASIC’s possession, it did not reveal a ‘smoking gun’,” said Tom Veidners, ASIC’s Senior Manager of Market Surveillance, on a telephonic conversation with representatives of ASX on October 1, 2019.
“ASIC was not in possession of the ultimate source documents to verify,” he added. and asked, “whether a suspension is something that ASX has considered.”
In the same conversation, ASX’s Chief Compliance Officer, Kevin Lewis said: “We have considered it but we don’t have hard evidence.”
“As much as we would like to suspend, unless ASIC gives a direction, at the current juncture we do not have sufficient evidence,” Lewis added. Another representative of the ASX said that they were ‘spitballing’ and the ASX would like to see a ‘suspension pending enquires by ASX and ASIC’.
Additionally, the court filing showed that multiple ASX representatives pointed out the ‘major litigation risk’ to the exchange operator if ISX share trading were suspended under the circumstances.
But the exchange consecutively suspended ISX trading citing media speculation, Volatility in ISX’s share price, the fact that the company was providing services to cryptocurrency exchanges and concerns from ASIC.
Seeking Heavy Damages
However, iSignthis was quick enough to move to court and is seeing AU$464.7 million in damages, an amount that increased over the period and is likely to escalate further.
Talking to Finance Magnates, iSignthis CEO, John Karantzis said: “On behalf of my 10,000 Australian shareholders, many of them ordinary mums, dads, pensioners and young investors, I am outraged by the callous action of the ASX. The ASX has completely disregarded iSignthis shareholders in pursuing their own misguided and misconceived agenda, designed to suspend and hurt the company, its shareholders, executive, customers, and partners.”
“The ASX was aware of the 'major litigation risk' it would be bringing upon itself, but clearly weighed that up against the strategic advantages of suspending ISX and muddying the Company's reputation with its unfounded assertions.”
iSignthis (ASX: ISX) has submitted an amended statement of claim on Tuesday to strengthen its demand for AU$462 million in damages from the Australian Securities Exchange (ASX) for the suspension of ISX trading on the exchange since October 2019.
The statement of claim includes new evidence obtained by the company from ASX with a court order. It mostly covers minutes of several conversations between the exchange and the Australian Securities & Investments Commission (ASIC).
According to the filing, the Australian exchange did not have any solid reason to suspend the quotes of ISX shares, and it discussed the matter with the financial market regulator.
Unveiled Minutes of Conversations
“Upon revisiting these ISX documents already in ASIC’s possession, it did not reveal a ‘smoking gun’,” said Tom Veidners, ASIC’s Senior Manager of Market Surveillance, on a telephonic conversation with representatives of ASX on October 1, 2019.
“ASIC was not in possession of the ultimate source documents to verify,” he added. and asked, “whether a suspension is something that ASX has considered.”
In the same conversation, ASX’s Chief Compliance Officer, Kevin Lewis said: “We have considered it but we don’t have hard evidence.”
“As much as we would like to suspend, unless ASIC gives a direction, at the current juncture we do not have sufficient evidence,” Lewis added. Another representative of the ASX said that they were ‘spitballing’ and the ASX would like to see a ‘suspension pending enquires by ASX and ASIC’.
Additionally, the court filing showed that multiple ASX representatives pointed out the ‘major litigation risk’ to the exchange operator if ISX share trading were suspended under the circumstances.
But the exchange consecutively suspended ISX trading citing media speculation, Volatility in ISX’s share price, the fact that the company was providing services to cryptocurrency exchanges and concerns from ASIC.
Seeking Heavy Damages
However, iSignthis was quick enough to move to court and is seeing AU$464.7 million in damages, an amount that increased over the period and is likely to escalate further.
Talking to Finance Magnates, iSignthis CEO, John Karantzis said: “On behalf of my 10,000 Australian shareholders, many of them ordinary mums, dads, pensioners and young investors, I am outraged by the callous action of the ASX. The ASX has completely disregarded iSignthis shareholders in pursuing their own misguided and misconceived agenda, designed to suspend and hurt the company, its shareholders, executive, customers, and partners.”
“The ASX was aware of the 'major litigation risk' it would be bringing upon itself, but clearly weighed that up against the strategic advantages of suspending ISX and muddying the Company's reputation with its unfounded assertions.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Starling Bank Launches Call Indicators amid Concerns of Impersonation
FMLS:24 | Shaping the Next Era of Financial Evolution
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
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