Crypto Scam Alert Put Out By Australian Securities and Investments Commission

Scams and frauds have been plaguing the crypto market since the very beginning, but authorities are trying to make the people more vigilant and preparing them to deal with these scenarios.

With this in mind, the Australian Securities and Investments Commission (ASIC) has issued another warning on May 21 against an alleged crypto-related scam project, dealing under the dual names of Dartalon Ltd and GFC Investments.

The ASIC has issued a warning against this crypto scam, stating that the business “has made unsolicited calls or sent emails about investing, financial advice, credit or loans,” without possessing an Australian Financial Services license or an Australian Credit license from the ASIC.

Recently, the Goxtrade scam had the market riled up, because the number of scams doing the rounds in the market was touching an all time high.

The GFC Investments website that was flagged by the ASIC, is essentially a website that allows the public to trade various cryptocurrencies, foreign exchange (forex) and contracts-for-differences. The site claims that the business was established in 2012.

The ASIC believes that this information is false, as a result of which, they have flagged the website. The financial body had earlier released a warning against five misleading initial coin offering (ICO) projects and crypto-asset funds targeted at retail investors.

The regulator plans to take further steps to ensure that a traders do not give in or fall prey to any scams and/or frauds. The ASIC has revealed plans to increase regulatory overseeing of crypto exchanges and ICOs.\

BTCWires earlier reported that FCA calimed that UK Crypto and Currency Scams Hit £27m.