An Australian initial coin offering (ICO) project planning to raise as much as US$50 million has announced its token sale has been halted by the country’s securities regulator.

Called Global Tech Exchange, the Brisbane-based project announced on its website Monday that its token sale has now ceased after the Australia Securities Investments Commission (ASIC) stepped in.

According to tracking site ICO Bench, Global Tech had intended to raise somewhere between $10 and $50 million in its bid to fund the creation of a cryptocurrency trading platform. The token sale started on Sept. 12 and was originally scheduled to run until Dec. 10

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