The Australian Securities and Investments Commission (ASIC) has removed over 14,000 investment scam and phishing websites since July 2023, with crypto fraud accounting for 20% of takedowns. ASIC continues to shut down an average of 130 malicious sites weekly, using social media ads in their fight against online investment fraud. Scammers are using sophisticated tactics like AI washing and cloaking techniques to deceive victims. ASIC’s enforcement efforts in 2025 resulted in $57.5 million in civil penalties, six criminal convictions, and 345 new investigations. The agency also shut down 95 companies involved in international scams, impacting victims across 14 countries.
Investment scams remain a significant issue in Australia, with victims losing $945 million in 2024. ASIC’s enforcement priorities include cracking down on misconduct exploiting superannuation savings and greenwashing schemes. The regulator has penalized financial institutions like AustralianSuper and Active Super for various violations. ASIC’s scam disruption work involves removing malicious websites, adding unlicensed entries to its alert list, and warning consumers about specific fraud schemes. AUSTRAC recently directed Binance Australia to appoint external auditors due to anti-money laundering concerns.
AUSTRAC is targeting remittance and digital currency exchange providers over compliance issues, canceling registrations for non-compliant entities. The agency is cracking down on inactive crypto exchanges to combat criminal use, potentially deregistering platforms that fail to comply. To address concerns about fraudulent platforms, AUSTRAC plans to launch a searchable register for consumers to verify the legitimacy of crypto exchanges. ASIC has charged individuals for facilitating investment scams involving cryptocurrency, including fake comparison websites and professional documentation. AUSTRAC is also addressing violations by crypto ATM operators across Australia.
Read more at Yahoo Finance: ASIC Removes 14,000 Scam Sites in Two Years, Crypto Fraud Accounts for 20% of Takedowns