The Federal Court of Australia has ruled that mining company NGS operated without a license, ordering compulsory liquidation and permanently banning it from providing financial services.

Foresight News reported that the Federal Court of Australia has ruled that mining companies NGS Group, NGS Crypto, and NGS Digital operated without a license and ran unregistered investment schemes, involving over 450 investors and approximately 59 million Australian dollars. The court has ordered compulsory liquidation and permanently banned them from providing financial services. The court pointed out that the companies seriously violated the Corporations Act and lacked credibility in managing investors' assets, with some funds coming from self-managed superannuation funds (SMSF), increasing the risk. ASIC filed for liquidation of the companies and the unregistered managed investment schemes, considering that the liquidation process and the appointment of liquidators are the best ways to facilitate the orderly resolution of the companies' affairs in Australia and to return recoverable assets (including those held by receivers) to investors.