Ann: iSignthis Ltd vs ASX Ltd s1041H alleged breach by ASX and a, page-140

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24/06/20

08:47

Post #: 45408003
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Originally posted by aes411: ↑

From the SOR:
a preliminary review ASX had conducted into ISX’s announcements which (among other things)had identified a number of contracts under which ISX was providing services to cryptocurrency exchanges, in the context of ASX’s publicly-stated concerns and guidance about listed entitiesengaging in cryptocurrency-related activities;

In the first query letter after shares were placed on suspension, most of the questions centred on cryptocurrency services, not even directly about the performance shares dispute raised by OM. In particular there was significant emphasis on revenue from cryptocurrency in questions 5 and 6:

5. What percentage of ISX’s revenue was derived from customers listed in response to questions 1-3 above
for each six month period commencing 1 January 2016 (i.e. for the six months ended 30 June 2016, the six
months ended 31 December 2016 and so on)?
Please also specify the dollar value of this revenue.In that letter, ASX's reference D stated:
… The Company is also building a strong relationship with the ever growing cryptocurrency
exchange and wallet sector, as well as exploring KYC for Initial Coin Offerings (ICO’s), all of which
have ridden the wave of higher trading prices, investor interest and transactional volumes.’
We all know KL is big on clamping down on cryptocurrency and he's been running this show; a quick Google search would bring up a few pages for instance: https://www.copyright link/companies/financial-services/asx-to-crack-down-on-cryptocurrency-tulip-bubble-20190618-p51yr9

The statement from the ASX itself in the SOR applies to the first part of my statement but the second was from my own insinuations.

Why would there be exhaustive questioning around cryptocurrency in the first query letter only for it to have dropped off the radar in subsequent queries? Why would the milestones that had been done, dusted and forgotten all of a sudden become a big investigation for the ASX?

I strongly believe someone at the ASX may have believed (or may have been led to believe) a significant amount of revenue related to the performance milestones came from cryptocurrency services - this may have been the selling point in getting this investigation started. This is the only glue that could tie these pieces together in my opinon.

Anyway this is all in my opinion; I may be wrong. But one has to apply extremely deep thoughts to make any sense of what's been going on for the past 9 months.

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Thanks for that @aes411. I had missed connecting the dots on that one!

ISX Price at posting: $1.07 Sentiment: Buy Disclosure: Held
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Ann: iSignthis Ltd vs ASX Ltd s1041H alleged breach by ASX and a, page-140

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