iSignthis unveils fresh batch of ASX queries and lift in turnover

We have received a further set of questions from the ASX late Friday afternoon. We expect to respond promptly.

iSignthis CEO John Karantzis

But the big unknown remains the indefinite trading suspension while the market operator continues its inquiries.

“We have received a further set of questions from the ASX late Friday afternoon. We expect to respond promptly within the next couple of days,” iSignthis chief executive John Karantzis said in an email to investors on Monday.

iSignthis has admitted that almost $3 million of revenue from clients was mistakenly presented as being earned from its core business of identification and payments.Credit:Chris Ratcliffe

The company’s relationship with the ASX deteriorated this month to the point that the two parties were in open dispute about its ongoing suspension.

iSignthis claimed at the time it had only just been informed that the Australian Securities and Investments Commission (ASIC) played no direct role in its suspension.


“It is clear that from the ASX questions, that the ASX is now looking for a cause to justify its unprecedented intervention in the market,” Mr Karantzis said at the time.

The ASX issued a reply within minutes saying it “at no time represented to ISX or anyone else that the suspension of ISX’s securities on October 2, 2019 was at the direction of ASIC”.

On Monday, iSignthis continued to challenge ASX’s actions, stating that the “inquiries continue to impact management’s time and focus, with a review on the impact to be taken by the board in early December”.

iSignthis provides automated payment verification and payment services to clients to help them meet “know your client” requirements under anti-money laundering regulations.

It has been under intense scrutiny after a dream run this year which saw its share price rise from 14¢ to a record intraday high of $1.765 last month.

The ASX queries confirm it is looking closely at the company’s June 30, 2018 financial performance report, which resulted in hundreds of millions of dollars worth of shares being awarded to iSignthis insiders.

Most Viewed in Business



Related posts

Make a comment