The Australian Securities and Investments Commission (ASIC) has dismantled over 600 cryptocurrency scams in the past year, marking the first anniversary of its investment scam disruption initiative.
During this period, ASIC has also taken down more than 7,300 phishing and fraudulent websites.
Investment scams, which caused $1.3 billion in losses in 2023, remain the most common type of fraud affecting Australians. ASIC is particularly concerned about the rise of fake news articles and deepfake videos that feature public figures endorsing fraudulent trading platforms.
The agency’s efforts are part of a broader government initiative to combat scams, which has contributed to a reduction in overall financial losses.
Australia is intensifying its crackdown on crypto investment scams while simultaneously embracing digital assets. Recently, VanEck’s spot Bitcoin exchange-traded fund (ETF) was listed on the Australian Securities Exchange (ASX), the first $BTC ETF on the ASX.
Jamie Elkaleh, Bitget’s country manager, highlighted that this move reflects Australia’s openness to innovation and its forward-thinking approach to new financial technologies.
Image Credit: Pixabay
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