Dear Enforcement and Investor Protection Division of the Australian Securities and Investments Commission (ASIC): I am an overseas investor, and I hereby submit a formal complaint to your Commission regarding the platform AXEL, which holds an Australian Financial Services License (AFSL), for seriously violating Australian financial regulatory laws and infringing upon investors' legitimate rights and interests. I respectfully request that your Commission conduct an investigation according to the law, pursue accountability rigorously, and uphold fair order in the financial market and the rightful interests of investors. Basic Information of the Complained Platform Platform Name: AXEL (AXEL Private Market) Subject of Complaint Complaint that the AXEL platform seriously violates Australian financial service regulatory laws by illegally conducting financial services such as copy trading with loss coverage and profit guarantees, maliciously restricting investors from withdrawing legally earned funds, charging unreasonable high transaction fees, and refusing to fulfill obligations to handle investor disputes, severely infringing upon my legitimate investment rights. I request that your Commission initiate an investigation according to the law, order the platform to rectify, and compensate me for all losses. Reason for Complaint and Detailed Account of Facts I am a properly registered investor on the AXEL platform. Based on the platform's claim that it holds a legitimate Australian ASIC financial regulatory license and possesses legal qualifications for financial services, trusting the Australian financial regulatory system, I completed account opening, deposited funds, and participated in trading on this platform. The platform has long used slogans such as guaranteed principal copy trading, profit guarantee, and loss coverage as promotional gimmicks, publicly promoting standardized copy trading services, inducing me to follow the platform's officially designated trading signals and strictly adhere to the platform's established rules for copy trading operations. Throughout the process, I had no independent actions violating regulations, no operations such as fake trading, hedging, arbitrage, or violating platform rules by over-leveraging. All trades were compliant copy trades executed under platform instructions. On May 5, 2026, after my account generated legitimate trading profits, I submitted a full fund withdrawal application according to the rules. The total withdrawal amount requested was 21911 USD (including my own principal of 61355 USD and the actual net profit/loss totaling 21911 USD). The platform immediately maliciously delayed the withdrawal review and refused to release funds using false and unreasonable excuses, arbitrarily freezing the account's withdrawable funds, completely depriving the investor of the right to freely access their own funds and legal profits.