In its press statement, the AFP mentioned that the criminals are using stolen information and impersonating law enforcement officers to steal funds from digital wallets. The criminals parade themselves as social engineers to steal private data, such as email addresses and phone numbers, then submit fraudulent reports through ReportCyber, the government’s official cybercrime reporting tool.

Once potential victims are identified, the criminals initiate contact, claiming to be AFP officers investigating a cybercrime case. “The scammers verify personal information in ways that match common expectations and act quickly to create a sense of urgency,” AFP Detective Superintendent Marie Andersson said. In a case the AFP explained, the agency revealed that someone received a call from someone claiming to be from the agency.

Australia alerts public over fraudsters using police identities to steal digital assets

The AFP mentioned that in a peculiar case, the fraudster provided an official-looking reference number linked to a supposed ReportCyber submission. The act was done to remove all doubts that the victim could have. The criminal then asked the victim to access the portal and enter their email address to verify the report. Another person, acting as a representative from the victim’s crypto platform, repeated the reference number to convince the individual of the call’s authenticity.

The scammers then urged the target to transfer funds from their platform wallet to a so-called “Cold Storage” account. Fortunately, the victim grew suspicious and ended the call before any funds were lost. “We encourage Australians to adopt necessary safety measures online and take a moment to stop their scroll, check for warning signs of scams, and protect themselves from cybercrime,” Andersson said.

She also added that legitimate law enforcement officers will never request access to cryptocurrency wallets, bank accounts, seed phrases, or other financial information. Victims or those who suspect they are being targeted should immediately terminate calls and notify ReportCyber or call 1300CYBER1 (1300 292 371). AFP Assistant Commissioner Richer Chin also mentioned that Australia became a target due to high levels of household wealth and savings.

“This is organised cybercrime. They’re incredibly well-drilled when it comes to their scripts and how they manipulate us and exploit our generosity,” Chin said. “I’m aware of a case involving an elderly gentleman caught up in a romance scam. He was convinced to part with $1.4 million.” Officials are asking residents of Australia to be cautious, especially when they are interacting with unfamiliar contacts who insist that they are law enforcement or financial institution representatives.

Even with legitimate platforms such as ReportCyber, criminals can manipulate information to appear credible and convince victims to share data or send funds in urgency. “Every cybercrime report can help police track criminals, assist in building intelligence on emerging cyber threats, and prevent other people from being targeted,” Andersson concluded in the recent AFP statement.

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Meta, Snapchat, and TikTok told lawmakers on Tuesday they will begin blocking young teenagers from their platforms when the new law kicks in on Dec. 10. The companies appeared remotely before a parliamentary hearing in Canberra to explain their plans.

The announcements ease worries for Australian officials who will need to enforce what many call a groundbreaking law. YouTube now stands alone as the strongest holdout against the restrictions. The video site disputes the government’s label that it operates as social media, instead calling itself a video streaming service.

Australia’s teen ban set to go live

Lawmakers in Australia approved the ban in 2024, hoping to keep young people away from harmful content and bullying that happens online. However, the rule came under criticism, sparking questions about protecting people’s privacy when checking ages and whether it can actually be put into practice. The law mandates social media companies to stop anyone under 16 from opening or keeping accounts.

In addition, Australia has also charged the companies to ensure that nobody finds ways around the rules. This requirement has frustrated the platforms and been a constant point of complaint. Companies breaking the law could pay penalties reaching $32 million. Meanwhile, young people and their parents face no punishment if the rules are broken.

During Tuesday’s Senate hearing, executives from TikTok, Snapchat, Instagram, and Facebook voiced worries about whether the ban will work, trouble with figuring out who is under 16, and fears that young people might move to more dangerous parts of the internet to talk with friends. Mia Garlick, who handles regional policy for Meta, told the hearing that following the rule “presents numerous challenges,” as mentioned in a Bloomberg report.

She explained that current systems for checking identity usually work for ages 18 or 13, not 16. “Sixteen is a globally novel age boundary that presents significant new engineering and age-assurance challenges,” Garlick said. Meta plans to use different methods, including video selfies, to verify how old users are. The company will shut down accounts that don’t meet requirements starting Dec. 10, according to Garlick.

Jennifer Stout, who leads global policy at Snapchat, said her company has begun the required technical work but finds the unique nature of the law difficult to handle. “Australia is a first mover in this space,” Stout told lawmakers. “We are learning as we go. We’re going to do the best we can to comply.” Meanwhile, Ella Woods-Joyce, who oversees content policy at TikTok, said the company worries that banning young people by age might not actually keep them safer.

Still, she confirmed TikTok is working to meet what the law demands. As Cryptopolitan reported, YouTube gave testimony to the same group earlier this month but refused to discuss whether it might challenge the ban in court. Rachel Lord, who manages government relations for YouTube in Australia and New Zealand, said the company continues talking with officials and the eSafety Commissioner, which oversees online safety rules in Australia.

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Lawmakers in Australia are expected to spend the next two days reviewing copyright laws to find a compromise between creators and AI developers who need access to their works. In the statement released by the Attorney-General’s Department, the meeting will be overseen by the Copyright and AI Reference Group, with important personalities from the tech and creative industries in attendance. The idea is to find a solution that protects creators without stifling innovation.

Australia set to re-examine its copyright rules

Over the past few weeks, artists, publishers, and media firms in Australia have expressed their displeasure at how their works are being used by AI developers without permission or compensation. According to the creators, copyright laws in their current state weren’t designed to deal with AI systems that train themselves using enormous data, including data that is protected under the copyright laws.

The government has also stated that it will look into whether a paid licensing system can be arranged under the new Copyright Act. If this is successful, AI firms would have to compensate creators or whoever owns the rights to the works that they use to train their AI models. In addition, Australia wants to make it easier to enforce copyright laws, making it easy for creators to fight back when their works are used without permission.

In her statement, Attorney General Michelle Rowland mentioned that there are no plans to relax the current copyright laws in Australia. She mentioned that what the government is trying to achieve is to ensure that creators and AI developers can both enjoy technological advancements without one feeling cheated by the other and without stifling innovation.

Australia has also said it will not introduce a text and data mining exception. If it had been approved, it would’ve allowed AI developers to use creative works without paying royalties. Countries like Japan and Singapore created limited exceptions that let AI developers use publicly available materials to train their models. However, officials in Australia believe that it could hurt local creators and allow them to be explored on a larger scale.

“AI systems rely on large volumes of data, much of which is created by human effort and creativity,” Rowland explained. She added that the tech and creative industries need to figure out a compromise that works for everyone. Representatives from the technology industry have warned that if the restrictions are too harsh, it could slow down innovation and leave Australia trailing behind in the global AI race. They argue that AI researchers and developers need at least some access to data if the sector is going to succeed.

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In the past six months, the commission has warned about AI-washing, scam website templates, fake news articles, exploitation of third parties, and cloaking as the most used scam tactics in the country. The agency also sounded out a note of warning over methods like deepfakes and AI-generated images in its 2024 review, warning that they make it harder for people to identify scams.

Australia increases crackdown on fraudulent schemes

Authorities in Australia have also claimed that investment scams are becoming more sophisticated and damaging. Since July 2023, ASIC has overseen the removal of more than 14,000 scam websites and advertisements across the country, with at least 3,000 of these scams having ties to crypto. Now, its takedown powers are being extended to cover social media ads.

Sarah Court, the Deputy Chair of ASIC, noted that while the traditional tools, including investigations, court action, and administrative enforcement, are still important, the agency has discovered that they are not enough to combat the rise of these scams. The regulator’s ability to take down websites was an example of how ASIC was evolving to deal with the challenges and to help protect Australians from fraudsters, she added.

She also noted that the expansion to cover social media ads will also help them block more scammers from directing people towards online investment scams, protecting users in Australia from the rising menace. She also asked residents in Australia to be cautious, noting that much still needs to be done.

So far, investment scams remain the biggest driver of financial losses among Australians, with the National Anti-Scam Centre estimating $945 million lost in 2024 alone. While the losses are down 25.9% compared with 2022’s record of $3.1 billion, the commission still insists on consumer vigilance as scam tactics continue to evolve. The commission also asked Australians to take their time before making investment decisions.

ASIC records $57.5 million in H1 penalties

In its latest update, the ASIC mentioned that it was able to secure six convictions and $57.5 million in civil penalties. Among the penalties was an $8 million fine for Firstmac Limited, marking the first enforcement action against a distributor for DDO non-compliance.

The Supreme Court of NSW also imposed $16.8 million in penalties on Allianz Australia Insurance Limited and AWP Australia Pty Ltd after finding them guilty of making false or misleading statements. The court determined that from 2016 to 2018, Allianz and AWP misrepresented aspects of their travel insurance by publishing misleading information on Allianz’s domestic and international travel insurance web pages.

HCF Life Insurance Company Pty Limited was also fined $750,000 and asked to publish corrective disclosures after discovering that a pre-existing condition clause in some of its policies would likely mislead consumers. In addition, the regulator sued Choosi in June 2025 for falsely claiming that it compared products from various funeral and life insurers.

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This is just a part of the government’s crackdown on financial crime and scam activities that are now taking full advantage of cryptocurrency kiosks all over Australia. AUSTRAC CEO Brendan Thomas said crypto ATMs are being used for financial fraud. In response, AUSTRAC set a new transaction limit and refused to renew the license of one ATM operator for failing to report transaction volumes and comply with AML/CTF laws.

Crypto ATMs skyrocket in Australia

Over the past seven years, the number of crypto ATMs in Australia has risen sharply. AUSTRAC reveals that over 1,800 of these machines are in operation, a steep jump from the 23 bank machines in 2019. This accelerated expansion has established Australia as the third biggest market for crypto kiosks worldwide after the United States of America and Canada.

But the boom has also raised grave concerns. Many of the transactions performed on these ATMs are related to criminal activities. Enforcement agencies have found that various scammers are increasingly using the machines, including those operating romance and fake investment schemes and remote access fraud — offenses that frequently victimize older Australians.

According to Austrac’s data analysis, residents aged 50-plus are particularly susceptible, making up 72% of all transactions by value. The 60- to 70-year-olds constitute almost 30% of this activity alone. Scammers often trick victims into using these machines to send money. AUSTRAC’s CEO warns that anyone told to use a crypto ATM for payments should pause and consider it a red flag for a scam.

AUSTRAC launches working group to check supervision

AUSTRAC has announced the launch of a new task force to assess crypto ATM providers’ developments and risks. The squad formed in late 2024 had carried out dozens of site visits, business evaluations, and outreach sessions to registered companies. Any provider that does not then meet the enhanced, including adequate KYC (Know Your Customer) checks, transaction monitoring, and suspicious matter reporting requirements — will face enforcement action by the regulator, including deregistration.

Recently, the agency permanently banned a crypto ATM operator that refused to improve its compliance measures. Australia’s action is among the harshest efforts anywhere to control the abuse of crypto ATMs. The new rules could serve as a blueprint for other countries wrestling with accommodating cryptocurrency growth while protecting consumers. Regulators in the US, UK, and the EU have also singled crypto ATMs out as a fraud and money laundering risk. By doing so, Australia joined a growing club of governments seeking to balance innovation with protections.

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According to the regulator, the court approved the request after it discovered that the companies were operating under pretenses. Most of these companies registered with false details and did not offer any services aside from being a front for scammers. “The Court agreed with ASIC in finding that there was a justifiable lack of confidence in the conduct and management of each of the 95 companies, with Justice Stewart calling the case for winding up each company “overwhelming”,” the report said.

Australia shuts down over 10,000 scam websites

After the approval, the court has also taken the necessary step to wind up the companies, with liquidators receiving claims worth $35 million from about 1,500 victims. ASIC Deputy Chair Sarah Court said that ASIC had taken steps to protect investors. By removing the companies from its registry, they no longer have any credibility, which should help potential investors from falling victim.

Meanwhile, the commission also noted that it has shut down websites and digital platforms associated with these companies. According to the Court, ASIC shuts down an average of more than 130 websites every week to stamp out the scams.

Still, these scams remain a major problem, and the regulators want consumers to be extra vigilant. “These scams are like hydras: you shut down one and two more take its place. That’s why we’re warning consumers that the threat of scams and identity fraud remains high. We remind consumers to be vigilant.” The move has seen positive results with the amount lost to scammers in Australia dropping by 26% in 2024 compared to 2023.

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Local and international firms gear up for Australian ETF market

As the ASX opens doors to Bitcoin spot ETFs, Australian financial entity BetaShares is actively developing its own ETF, targeting the ASX as its primary market. Concurrently, DigitalX Ltd has kicked off the application process, following their initial announcement back in February. Additionally, VanEck, an established global investment manager with experience managing Bitcoin ETFs in the US and Europe, has renewed its bid to penetrate the Australian market. This flurry of activity underscores the intense competition among firms eager to capitalize on Australia’s crypto-ETF opportunity.

Global trends in cryptocurrency investment vehicles

The global scene for cryptocurrency-related investment products is rapidly evolving. In the United States, the market capitalization for spot Bitcoin ETFs recently hit around $53 billion. Hong Kong is not far behind, planning to launch a combined Bitcoin and Ethereum spot ETF, with trading expected to start soon. Meanwhile, Chinese fund managers are preparing to introduce their own crypto ETFs for Bitcoin and Ether, following the successful models of their American counterparts. In the UK, the London Stock Exchange has started accepting applications for crypto exchange-traded notes (ETNs), further highlighting the growing acceptance of digital currencies in mainstream financial markets.

These developments reflect an increasing recognition of cryptocurrencies within the traditional financial systems, marking a shift towards more organized and structured investment avenues in digital assets globally.

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A divided opinion on crypto regulation

The committee’s decision, announced on September 4, comes after multiple deadline extensions for providing feedback on the bill. While the committee advised that the Senate should not pass the bill and instead continue researching the topic, a dissenting report from Senators Bragg and Dean Smith offered a contrasting viewpoint. They suggested that the Senate should pass the bill with minor amendments, such as removing nonfungible tokens (NFTs) from the definition of regulated digital assets. The dissenting lawmakers also recommended extending the transition period for the bill’s implementation from three to nine months.

Among other suggestions, the dissenting report urged the Board of Taxation to review the tax treatment of digital assets and transactions in Australia. It aimed for the introduction of relevant legislation by early 2024. The report also emphasized the need for implementing the recommendations of the Council of Financial Regulators to address the issue of banks cutting services to cryptocurrency firms, a trend that could potentially drive the industry underground.

The future of crypto regulation in Australia

The committee’s decision has sparked a debate on the future of digital asset regulation in Australia. The dissenting report argued that the government’s current approach is detrimental to Australian consumers and investment. It stated that the bill represented the “first serious step towards implementing a comprehensive digital asset regulatory framework.”

Senator Bragg had initially introduced the bill in March with the aim of protecting consumers and promoting investors. The draft bill had outlined regulatory recommendations for stablecoins, licensing of exchanges, and custody requirements. The committee’s rejection of the bill marks a significant setback for those advocating for a more structured approach to digital asset regulation in Australia.

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Coinjar’s CEO, Asher Tan, stated on May 1st that U.S. authorities’ recent crackdown on cryptocurrency presents an opportunity for his company to expand its presence and provide services in the U.S. market.

Despite the regulatory challenges posed by the crackdown, Tan believes that Coinjar can benefit from the current environment by expanding its business and establishing a foothold in the lucrative U.S. market. Coinjar aims to become a trusted player in the cryptocurrency industry by embracing the evolving regulatory landscape and attracting a broader customer base.

Coinjar has made significant strides in the global cryptocurrency market, including obtaining an operating licence in the United Kingdom in 2021. This achievement reinforces Coinjar’s reputation as a reputable and established participant in the industry. By operating in Australia and the U.K., Coinjar can serve a more extensive customer base and extend its market reach.

Coinjar has kicked off its ambitious expansion plan in the United States with the announcement of a job posting for an AML compliance officer. By prioritizing stringent anti-money laundering regulations, Coinjar demonstrated its unwavering commitment to maintaining regulatory compliance and driving growth in the U.S. market.

Coinjar’s CEO, Asher Tan, did not shy away from criticizing the cryptocurrency exchanges operating in the United States. According to Tan, these exchanges must be more cooperative in meeting the regulatory licensing requirements. In contrast, Coinjar is determined to comply with the guidelines established by regulatory watchdogs in America.

Coinjar seeks an AML Compliance Officer to oversee its AML/OFAC programs, policies, and processes as part of its U.S. expansion plan. The ideal candidate will report to the Board and Head of Legal & Compliance, ensuring Coinjar complies with all relevant regulations.

Coinjar’s decision to expand into the U.S. comes after Coinbase’s recent response to the SEC’s Wells notice. As the leading U.S.-based cryptocurrency exchange defends itself against regulatory allegations, Coinjar is taking a proactive approach to regulatory compliance, demonstrating its commitment to ethical business practices and long-term growth in the global cryptocurrency market.

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