Digital asset provider BPS Financial is facing a lawsuit for allegedly making false and misleading representations, as other firms in the sector face mounting fears that they are next in line.
ASIC temporarily suspended the BTC, ETH and Filecoin funds issued by Holon Investments and managed by Gemini for non-compliant target market determinations.
ASIC's executive director for markets expressed that the securities watchdog will not be "cheerleaders for crypto assets" and will be turning up the heat for the entire industry.
Australia’s primary regulator of online sports betting is asking local operators to help craft rules for wagering with blockchain-based digital assets.
Australia is seeking to regulate its digital assets market through token mapping in a bid to protect consumers and reduce risks—a move planned to be overseen by the Treasury Department.
The Australian regulator surveyed 1,053 retail investors, and up to 44% noted having investments in digital currencies, which spells the growing interest in digital currencies amongst the populace.
Two regulators in Australia have jointly deployed countermeasures services offered by U.K.-based Netcraft to automatically take down websites hosting phishing and other scams on a trial basis.
The ASIC has released a new information sheet that restricts the kind of information that influencers can distribute, and it could wipe out an entire industry.
Self-managed super funds (SMSFs) are the only way that Aussies can invest in digital assets, but the ASIC is concerned that clueless investors in SMSFs are being taken advantage of.
The Australian regulator brought the legal action following an investigation into John Louis Anthony Bigatton and his involvement with the multi-billion dollar scam, which has allegedly targeted victims across the world.
Back in September, the regulator slapped Bigatton with a seven year ban on providing financial services. Now, he stands accused of operating an unregistered managed investment scheme and providing financial advice without a license to do so, contrary to the laws of Australia.
Bigatton has also been accused of making false and misleading statements to entice investors to part with their cash, during the period August 2017 to January 2018, numbering four separate counts.
Altogether, the charges could see Bigatton facing a custodial sentence of up to 5 years in jail, plus a fine up to a maximum of AUD$42,000, equivalent to around US$30,800, for operating an unregistered investment scheme, with a further fine at the same level plus 2 years in jail for providing unlicensed financial advice.
On each of the four charges of false and misleading statements, Bigatton also faces up to 10 years in jail, with a fine of up to AUD$945,000 available to the court—roughly US$693,000.
The case against John Louis Anthony Bigatton comes amid a global crackdown on BitConnect and its senior executives. The scam was pulled successfully around the world, encouraging unsuspecting investors to part with their money to support the fraudulent investment scheme. In 2019, the FBI called on investors of the BitConnect scheme to participate in a survey that will help the U.S. federal agency identify potential victims and possibly reach out to them for additional information that might help authorities crack the case.
Despite the enforcement action against BitConnect by regulators in Australia and elsewhere, similar digital currency schemes still continue to operate worldwide, catching vulnerable investors in their frauds.
See also: CoinGeek Live presentation, Digital Currency & Global Compliance: Tools & Tips for Exchanges, Wallets & Other Service Providers
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John Bigatton is accused of operating an unregistered managed investment scheme and providing financial advice without a license to do so, contrary to the laws of Australia.
Australian Securities and Investments Commission said the scams have been falsely using celebrities, government agencies and other prominent brands without consent.