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International Business Times
International Business Times
Business
Marvie Basilan

Australia's Financial Regulator Cracks Down On Over 600 Crypto Investment Scam Websites In 1 Year

Australia ASIC Crypto Sarah Court
Australia's securities regulator has been clamping down on investment scams over the past year. (Credit: Bybit/flickr.com)

KEY POINTS

  • A total of 615 crypto investment scam sites were taken down since July 2023
  • Investment scams have caused losses of $1.3 billion among Australian consumers
  • Australia has been embracing crypto, but it has also been tightening its grip on oversight

As the cryptocurrency industry continues to grow in Australia, the country's financial regulator, the Australian Securities and Investment Commission (ASIC) revealed it has been on an extensive crackdown of scam websites since July 2023.

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