ASIC chair troubled by sheer amount of ‘risk-taking’ crypto investors
Australia's financial services regulator sees the rise in crypto investment during the COVID-19 pandemic as a cause for concern, especially among young and new investors. The chief of Australia’s financial services regulator Joe Longo has raised the alarm over the sheer amount of people that invested in “unregulated, volatile” crypto assets during the pandemic. Longo, chairman of the Australian Securities and Investments Commission (ASIC) made the comments in an Aug. 11 media release for its research conducted in November 2021, which looked into investment behavior following the onset of t....
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He told an audience that the rise of blockchain currencies has been “nothing short of phenomenal.” Joe Longo, chair of the Australian Securities and Investments Commission, or ASIC, spoke at the Australian Financial Review Super and Wealth Summit on Monday at the Fullerton Hotel in Sydney. The rise of crypto, he said, has been “nothing short of phenomenal, and impossible to ignore.” As a corporate and markets regulator, Longo admitted to a certain fascination with decentralized autonomous organizations, or DAOs. He said that they present certain challenges for national regulators like....
The chair of Australia’s market regulator has warned that “action will be taken” on financial product issuers who promote risky products to a wide consumer base. Australia’s financial services and markets regulator has issued another glaring warning towards issuers of crypto-based financial products, particularly those inappropriately marketing high-risk products.Joe Longo, chair of the Australian Securities and Investment Commission (ASIC) in an opening speech at the ASIC annual forum on Nov. 3 local time said it will use current laws to police “risky and complex products” to protect....
The Australian securities regulator is pursuing BPS Financial Pty Ltd for allegedly making false and misleading representations, and engaging in unlicensed conduct. Australia's financial regulator has issued a stark warning to Australian crypto asset providers amid launching civil proceedings against Australian firm BPS Financial Pty Ltd (BPS) over "misleading" representations concerning its Qoin crypto token. In an Oct. 25 announcement, the Australian Securities and Investments Commission (ASIC) said it has commenced civil penalty proceedings against BPS Financial for making “false,....
Part of its actions will include raising public awareness about the risks inherent in crypto-assets and decentralized finance. Australia’s financial regulator, Australia's Securities and Investments Commission (ASIC) has pledged to put crypto assets and decentralized finance (DeFi) firmly in its sights over the next four years. According to ASIC’s newly released “Corporate Plan” released on Tuesday, the financial regulator said it will be focusing on “digitally enabled misconducts” as “emerging technologies and products change our financial ecosystem” as part of its four-year strategic....
The list comes out as part of Australia's 2022 Scams Awareness Week. Australia’s market regulator has released a list of the “top-10 ways to spot a crypto scam," amid a detected rise in crypto-related investment scams this year.The Australian Securities and Investment Commission's (ASIC's) public advisory statement was published as part of Scams Awareness Week 2022, an initiative that teaches Australians how to identify all forms of scams. The campaign takes place between Nov. 7 to 11.ASIC said that Australians had already lost more through “investment scams” in 2022 than the total $701....