Australian Watchdog Got 1,289 Cryptocurrency Scams Related Complaints In 2017

australia cryptocurrency

Australian Watchdog Got 1,289 Cryptocurrency Scams Related Complaints In 2017: In 2017, Australia’s national consumer watchdog supposedly received over 1,200 cryptocurrency scams related complaints which led to an estimated loss of AUD$1.2 million.

According to report from Australia television program 7.30, the accumulated data collected from Australian Competition and Consumer Commission’s scam watch revealed that the watchdog received precisely 1,289 cryptocurrency scams related complaints in 2017 which lead to a total loss of AUD$1,218,206.

Australian Competition and Consumer Commission is an independent government agency is obligated to exert consumer protection laws by overseeing scam and fraud related issues in Australia.

The agency has alert radar called Scamwatch, and they warn small businesses and consumers of scams. The commissioner of Australian Securities and Investments Commission John Price advised investors to be careful of high-risk token investments.

The Australian Competition and Consumer Commission have been monitoring cryptocurrency scams, and at a point in 2017, there was a 126 percent increase in complaints about cryptocurrency related scam when the price of bitcoin reached an all-time high of $7,000.

Australian move to establish as a country that embraces cryptocurrencies get the authorities under existing law to push for legislative bills which include domestic cryptocurrency exchanges.

The legislation passed and put Australian cryptocurrency and bitcoin exchanges under the scope of Australian Transactions and Reporting Analysis Centre, the watchdog and financial intelligence body of the country.

Under the new rules, every Cryptocurrency exchanges must be registered on the agency’s Digital Currency Exchange Register.

The agency has to report any transaction that is suspicious, cash deposits that are over AUD$10,000, and international operations. There is nothing new about Cryptocurrency scams, and they have seen some watchdogs and regulators tracking investment schemes that could be fraudulent.

In recent weeks, there has been a move against scams; an example is the US CFTTC charges against My Big Coin, the company accused of embezzling customer funds of over $6 million.

Another example is the recent Austrian scam that involves bitcoin; the scheme is believed to have raked in about 12,000 bitcoins from over 10,000 victims in Romania, Yugoslavia, Poland, and Austria.

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.

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