australia

Australia’s securities regulator has shut down over 330 fake investment websites this year, which exploited images of billionaires to lure victims into fraudulent “get-rich-quick” schemes. This marks a 25% increase compared to the same period last year.
Scammers abused the faces of prominent business figures such as Andrew “Twiggy” Forrest, Gina Rinehart, and packaging magnate Anthony Pratt to give cloned platforms a false sense of legitimacy.

The Power of “Social Proof”
Psychologists say fraudsters exploit the principle of social proof—the tendency of people to follow those they see as successful or authoritative. ASIC warns that celebrity photos and quotes were used without consent, solely to deceive the public.
Commissioner Alan Kirkland emphasized:
“These fraudulent websites promise unrealistic returns and misuse celebrity images to build credibility. Consumers must always stop, check, and protect.”
The regulator noted a spike in July, when scammers tried to exploit heightened financial interest at the start of the new fiscal year.

AI Gives Scammers New Weapons
The rise of artificial intelligence has supercharged fraud operations on an unprecedented scale. ASIC highlights troubling new tactics, including:
🔹 Cloned investment platform websites

🔹 Fake news articles promoting scams

🔹 AI “trading bots” promising impossible returns
According to the National Anti-Scam Centre, Australians lost $945 million to investment scams in 2024 alone—making it the single largest source of financial fraud losses.
ASIC now removes an average of 130 malicious websites per week—most being crypto scams, phishing portals, and fake investment platforms. In just two years, the regulator’s program has taken down more than 14,000 fraudulent sites.

Tougher Rules and Aggressive Enforcement
Under chairman Joe Longo, ASIC has undergone a transformation:
🔹 50% more investigations launched year-on-year

🔹 20% more civil proceedings compared to the previous period
Longo explained:
“Our operating environment is more complex than ever. ASIC must respond quickly and effectively to protect the financial system and the community.”
The regulator is also updating its rules for algorithmic and AI trading, which now accounts for around 85% of trades on Australia’s listed markets. Proposed changes would require mandatory “kill switches”—emergency cut-offs for risky automated trading activity.

Advice to Consumers: Don’t Get Hooked
ASIC is also warning against aggressive social media ads that promote “free pension health checks” or services to help locate lost superannuation funds. These offers often turn into high-pressure sales tactics and promises of unrealistic returns.
The regulator advises:

🔹 Hang up immediately if you feel pressured

🔹 Remember that moving retirement savings is a major financial decision and should never be rushed

#Australia , #scam , #CryptoFraud , #AI , #CyberSecurity

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

📰 News

Gemini, the US exchange founded by brothers Cameron and Tyler Winklevoss, officially announced the launch of its local entity in Australia, under the name 'Gemini Intergalactic Australia Pty Ltd.'

This subsidiary has been registered and authorized by AUSTRAC (the Australian agency responsible for supervising financial services and preventing money laundering).

📅 Date: October 8-9, 2025.

📍 Main source: Reuters.

🏦 What does this movement imply

Local registration:

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Australia’s Home Affairs Minister Tony Burke has announced sweeping new powers that will allow the government to restrict or even ban crypto ATMs, calling them a “high-risk product” linked to money laundering, fraud, and child exploitation.

Explosive Growth Raises Alarm
During a speech at the National Press Club in Canberra, Burke highlighted the rapid expansion of crypto ATMs across Australia:
Six years ago, there were only 23,Three years ago 200,And now more than 2,000.
“It keeps growing — and growing fast,” Burke warned, noting that buying crypto with cash makes it much harder to track financial activity.
Australia’s financial intelligence agency, AUSTRAC, has tied these machines to organized money laundering, drug trade, online scams, and even child exploitation networks.
An internal review revealed that 85% of all cash flowing through crypto ATMs was connected to fraud or money-mule operations used to disguise the origins of illicit funds.

New Legislation to Expand AUSTRAC’s Powers
Burke announced that the government is drafting a new law granting AUSTRAC the authority to limit or ban “high-risk products”, including crypto ATMs.

The bill is expected to be introduced to parliament in the coming months.
When asked whether AUSTRAC plans to impose a total ban, Burke declined to comment, saying such statements could trigger legal challenges.

“AUSTRAC will be able to act under the new legal framework that I’ll soon present,” he added.

Regulatory Crackdown Already Underway
AUSTRAC has been tightening its oversight since March 2024, after a special task force uncovered “concerning trends” in crypto ATM transactions.
By June, the agency had revoked the registration of Harro’s Empires, a major ATM operator, and imposed a 5,000 AUD transaction limit.

It also introduced stricter Know-Your-Customer (KYC) and due diligence requirements across the entire industry.

Experts Call for “Smarter Regulation”
According to James Volpe, founder of Melbourne-based Web3 education firm uCubed, crypto ATMs deserve scrutiny — but they are not the biggest source of financial crime.
“Most crypto ATMs already require identity verification (KYC),” Volpe explained. “The risks are relatively minor compared to traditional channels such as banks, casinos, or remittance services.”
He suggested a more cooperative approach between AUSTRAC, law enforcement, and operators.

“Automated monitoring systems could flag only high-risk or suspicious activity for review, allowing targeted enforcement while preserving user privacy,” Volpe added.

Australia Balances Control and Innovation
The decision reignites the debate over where to draw the line between security and innovation.

While the government aims to curb crypto-related crime, many warn that overregulation could stifle blockchain innovation in Australia.
Officials, however, insist that the goal is not to suppress the industry but to ensure it develops safely and transparently — without becoming a tool for criminals.


#Australia , #Regulation , #Cryptolaw , #blockchain , #Web3

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“