Aussie consumer group calls for better crypto regs due to ‘lagging laws’

Australian consumer group CHOICE outlined its crypto regulatory framework in a submission to the country’s Treasury calling for the new federal government to prioritize crypto in its financial services reforms.

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Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian Regulator

Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian RegulatorThe Australian Competition and Consumer Commission has filed a lawsuit against Meta, formerly Facebook, for “publishing scam advertisements featuring prominent Australian public figures.” The regulator said, “The essence of our case is that Meta is responsible for these ads that it publishes on its platform.” Meta Sued for Publishing Cryptocurrency Scam Ads The Australian Competition […]

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Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report RevealsInvestment scams have been by far the most common type in Australia recently, a new report by the country’s consumer watchdog has revealed. And while a growing number of Australians fall victim to fraudulent schemes involving cryptocurrency, bank transfers remain the scammers’ favorite way to extract money. Australians Lose $670 Million to Scammers in a […]

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Crypto Scams Comprise 0.6% of Fraud – Australian Consumer Watchdog

Crypto Scams Comprise 0.6% of Fraud - Australian Consumer WatchdogThe Australian Competition & Consumer Commission (ACCC) has released a report on trends within the scam economy during 2017. The report identifies cryptocurrency related fraud to comprise less than 1% of the scam activity recorded in Australia last year. Also Read: Ross Ulbricht Continues to Fight for Freedom With Supreme Court Petition Cryptocurrency Scams Responsible for […]

The post Crypto Scams Comprise 0.6% of Fraud – Australian Consumer Watchdog appeared first on Bitcoin News.

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Report Shows Cryptocurrency Scams Remain Popular in Australia

Cryptocurrencies have become a lot more appealing to the masses over the past few years. With so many new people entering this ecosystem, criminals will try to exploit any and all flaws and weaknesses for some time to come. A new report shows that Australians lost AUD$2.1 million to cryptocurrency scams in 2017. Cryptocurrency Scams Remain a Problem Anyone who has kept a close eye on the cryptocurrency industry over the years will be all too familiar with the numerous types of scams out there. This has become a very annoying and troublesome trend, and it seems things are not improving

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Australia Cracks Down on Misleading and Deceptive Initial Coin Offerings

Australia Cracks Down on Misleading and Deceptive Initial Coin OfferingsAustralia’s financial regulator is cracking down on deceptive and misleading initial coin offerings (ICOs), citing “a serious breach of the Australian law.” As a result of the regulator’s inquiries, some issuers have halted their token sales or are modifying their structures. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space ASIC Takes Action Against ICOs […]

The post Australia Cracks Down on Misleading and Deceptive Initial Coin Offerings appeared first on Bitcoin News.

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Australia’s Consumer Watchdog Received 1289 Crypto Complaints in 2017

Australis Consumer Watchdog Received 1289 Crypto Complaints in 2017The Australian Competition & Consumer Commission (ACCC) has revealed that it received more than 1,200 complaints relating to cryptocurrencies via its ‘Scamwatch’ portal during 2017. In light of the number of complaints, the Australian Securities and Investments Commission (ASIC) has issued a warning to potential investors outlining the risks associated with cryptocurrency investment. Also Read: Tesla […]

The post Australia’s Consumer Watchdog Received 1289 Crypto Complaints in 2017 appeared first on Bitcoin News.

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