ASIC Continues to Crack Down on Investment Scams Including Crypto

ASIC Continues to Crack Down on Investment Scams Including Crypto

The Australian Securities and Investments Commission (ASIC) has removed over 7,300 phishing and investment scam websites in total, including 615 crypto-related websites, in a bid to crack down on investment scams. "Investment scams remain one of the most significant financial threats to Australians with Australians losing close to $1.3 billion to investment scams in 2023," ASIC said. The regulator said it has recently taken action against a number of websites that were promoting fake cryptocurrency investment opportunities. In one case, ASIC removed a website that was impersonating a legitimate cryptocurrency exchange. The website was offering high returns on investment in a new cryptocurrency, but it was actually a scam. In another case, ASIC removed a website that was promoting a fake cryptocurrency mining operation. The website claimed that users could earn passive income by mining cryptocurrency, but it was actually a scam. ASIC is urging investors to be aware of the risks of investing in cryptocurrency and to only invest with reputable companies. The regulator also recommends that investors do their own research before investing in any cryptocurrency and to be wary of any investment opportunities that seem too good to be true.