Share this article

Australian Regulator Suspends Holon's Crypto Funds Managed by Gemini

All three funds are managed by the crypto exchange Gemini.

Updated Oct 17, 2022, 3:57 p.m. Published Oct 17, 2022, 8:03 a.m.
jwp-player-placeholder

Australia's financial services and markets regulator suspended Sydney-based asset manager Holon Investments from offering or distributing three crypto funds to retail investors for 21 days, according to a press release.

  • The decision was taken by the Australian Securities and Investment Commission (ASIC) due to non-compliant target market determinations (TMD) by Holon Investments.
  • TMD is a document that describes the target customer for an investment product. ASIC said it is concerned that Holon has not appropriately considered the features and risks of the Funds in determining their target markets.
  • The regulator believes Holon's crypto funds are not suited to the wide target market defined in their TMDs, which includes investors ranging from potentially medium, high or very high risk and return profile.
  • The suspension applies to Holon's bitcoin, ether, and filecoin funds. All three funds are managed by the crypto exchange Gemini.
  • "If the ASIC's concerns are not addressed in a timely manner, final stop orders will be placed on the funds," the press release said. "Holon will have an opportunity to make submissions to ASIC before any final stop order is made," it added.
  • Holon Investments did not immediately respond to CoinDesk's request for comment.
Advertisement

Read More: Gemini to Serve as Custodian for Filecoin Fund of Australian Equities Manager

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters



More For You

Growth, Trust and Global Adoption on Display at Fastex Harmony VI Meetup

Fastex logo

More For You

Image overlay test glitch two

alt

Dek: Image overlay test glitch two