Australian regulator warns investors against dealing with unlicensed firms

August 24, 2021


Australian regulator warns investors against dealing with unlicensed firms

The Australian Securities and Investments Commission (ASIC) has urged caution in investing in cryptocurrency-related financial products and not to work with unregistered companies.

The regulator said it has received reports of users of such platforms who have suffered "significant losses".

"Licensed organisations are subject to a regulatory framework designed to maintain the integrity, quality and reputation of the Australian financial system," ASIC said.

According to a survey by bitcoin exchange Kraken, one in five Australians thought investing in bitcoin was more profitable than traditional savings. A different opinion was expressed by billionaire Hamish Douglas - he called digital assets one of the "greatest mass delusion in modern history".

Recall that in July, the Australian Blockchain Association called on authorities to take a coordinated approach to creating a regulatory framework for the cryptocurrency industry.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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