Nearly 1,300 Complaints Lodged Against Cryptocurrency Scams in 2017, Agency Reports

February 19, 2018 10:24 pm Published by

More than 1,200 complaints were lodged with Australia’s consumer watchdog agency about cryptocurrency scams in 2017, CoinDesk reported.

Data obtained from the Australian Competition & Consumer Commission’s (ACCC) Scamwatch program indicated it received 1,289 complaints related to crypto fraud in 2017, the ABC’s current affairs program 7.30 reported.

Loses related to scams totaled $1,218,206, CoinDesk reported.

Australian Securities and Investments Commission (ASIC) commissioner John Price warned, “It’s been quite well documented that some of these products are scams, so please don’t invest unless you’re prepared to lose some or all of your money,” the show reported.

The Australian Transaction Reports and Analysis Centre (Austrac) received the go-ahead in Decmeber to monitor Australia’s bitcoin exchanges, the report said.

The move dictates exchanges in the country must register with Austrac and be placed on a dedicated register, the report said. Exchanges must also set up other procedures, including countering the risks of money laundering and terrorism financing, verifying customers’ identities and maintaining some records for seven years, CoinDesk reported.

Regulators and other authorities elsewhere around the globe are also increasingly starting to take action on fraudulent crypto schemes, the report said., Jack Durschlag

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