Australia’s Securities and Investment Commission (ASIC) has intensified its crackdown on fraudulent cryptocurrency schemes, shutting down 615 scam websites over the past year.
This decisive action is part of a broader effort by the financial regulator to curb the alarming rise in investment fraud across the country, which saw Australians lose a staggering $1.3 billion to scams in 2023.
The scale of the crackdown is immense, with ASIC taking down a total of 7,300 scam websites, including those offering fake investment opportunities and phishing sites designed to steal personal information.
The move highlights the growing threat of online fraud in Australia, particularly within the cryptocurrency space, where scammers have increasingly targeted unsuspecting investors.
Sarah Court, ASIC’s Deputy Chair, emphasized the urgency of the situation, noting that scammers are exploiting technology to lure victims into sophisticated traps.
“Each year, billions of dollars are stolen from Australians through these fraudulent schemes. While technology has brought numerous benefits, it has also opened new doors for scammers to operate,” Court said.
She underscored ASIC’s commitment to swiftly dismantling these sites to protect consumers, with an average of 20 scam websites being taken down daily.
One of the most notable takedowns was Dexa Trade Markets, a crypto platform that falsely claimed international regulation and boasted of high trading volumes to lure investors.
The site was exposed after an Australian victim reported losing money to the fraudulent platform.
ASIC’s efforts mirror a broader global concern over the impact of crypto scams on the industry’s growth. In the United States, California’s Department of Financial Protection and Innovation (DFPI) reported that nearly 87% of all crypto scams in 2024 involved fraudulent trading platforms.
The proliferation of “imposter websites”—sites that mimic legitimate companies to deceive consumers—has been particularly problematic, contributing to the surge in scam-related losses.
