ASIC secures A$20.5M ASX penalty over misleading blockchain CHESS replacement update

ASIC says the Federal Court ordered ASX to pay A$20.5M, plus A$3M in costs, after ASX admitted its February 10, 2022 claim that the CHESS replacement was “progressing well” misled the market. The failed upgrade was meant to replace Australia’s clearing and settlement system with distributed ledger tech, but ASX later paused it and derecognized about A$245M-A$255M in pre-tax project costs. The rebooted project now ships in two releases, with clearing services live since April 20, 2026.

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