Australia's ASIC Shuts Down 615 Crypto Scam Sites Amid $1.3 Billion Fraud Surge

By: Eva Baxter

Australia's Securities and Investment Commission (ASIC) has taken significant action against cryptocurrency scams by closing 615 fraudulent websites over the past year. This step is part of a larger initiative to combat investment fraud across the country. In the past year alone, ASIC has shut down a total of 7,300 scam websites, including 5,530 fake investment platforms and 1,065 phishing sites.

The regulator reported that investment scams led to an approximate $1.3 billion in losses in 2023. Highlighting the importance of their actions, ASIC noted that these takedowns disrupt the scammers' communication with potential victims, thereby mitigating further harm. Sarah Court, ASIC's Deputy Chair, emphasized that scammers exploit Australians by stealing billions annually. She explained that while technology has numerous benefits, it also provides new avenues for fraudulent activities.

On average, ASIC takes down about 20 investment scam websites daily. Court emphasized the importance of swiftly removing these sites to protect Australians, stating, "Scammers will continue to adapt and find new ways to lure consumers, and ASIC remains proactive in detecting and disrupting investment scams." Among the removed sites was Dexa Trade Markets, identified as a crypto scam platform. The action followed a report from an Australian consumer who fell victim to a fraudulent crypto investment scheme falsely claiming international regulation and high trading volumes.

The regulatory measures indicate that crypto scams continue to be a significant issue affecting the industry's growth. Data from California's Department of Financial Protection and Innovation revealed that fraudulent trading platforms accounted for 87% of all reported crypto scams in 2024. ASIC and DFPI statistics underline the widespread problem of imposter websites, which exploit consumer confusion by creating sites with names similar to legitimate companies.

For more information on ASIC's efforts, you can visit ASIC's official website and further details regarding crypto scams can be found on the California's Department of Financial Protection and Innovation site.