The company behind Global Tech, the cryptocurrency startup backed by former Australian cricket captain Michael Clarke, has folded after queries from the corporate regulator ended its plans for a $50 million raising from the public.

“Global Tech Exchange’s Initial Coin Offering (ICO) has now ceased in accordance with ASIC requirements,” the company said on its website.

“As a result of this Global Tech has issued full refunds to all investors,” it said, confirming a report by The Sydney Morning Herald’s CBD column last week.

Michael Clarke was criticised for his endorsements of GlobalTech via Twitter. Credit:Laurence Griffiths

Global Tech was founded last year by Andrew Mclean and Marlon Donaire with a vision to create an "education-based trading and exchange platform."