Loading...

Crypto scams soaring, Blockchain Australia CEO demands urgent action

TL;DR

  • Simon Callaghan, the new CEO of Blockchain Australia, is calling for collaboration between Australia’s banks, government, and the crypto industry to tackle the increasing number of cryptocurrency scams.
  • Two of the country’s largest banks recently imposed restrictions or outright bans on certain payments made to cryptocurrency exchanges, citing the increasing threat of scams. 
  • Trevor Power, an Australian Treasury assistant secretary, confirmed that the government is heavily investing in reducing scams.

Simon Callaghan, the new CEO of Blockchain Australia, is calling for collaboration between Australia’s banks, government, and the crypto industry to tackle the increasing number of crypto scams. During his speech at Australian Blockchain Week in Melbourne on June 30, Callaghan emphasized the importance of protecting consumers and announced that the association would prioritize efforts to prevent crypto-related scams.

Highlighting the origins of scams on social media and through telecommunication channels, Callaghan stressed the need for policing to begin at the first point of contact. He acknowledged that few countries have effectively cooperated to combat cryptocurrency scams thus far but expressed hope that Australia could break that barrier and set an example for other jurisdictions. By taking leadership in this area, Callaghan believes Australia can make a global impact in combating scams.

“If we can take some leadership on that in Australia, I think we can certainly take that forward globally as well.”

Over the past month, scams have been a prominent issue in Australia. Two of the country’s largest banks recently imposed restrictions or outright bans on certain payments made to cryptocurrency exchanges, citing the increasing threat of scams. 

Australian Government on crypto scams

The Australian government has also shown interest in addressing the problem. On July 1, the Australian Competition and Consumer Commission (ACCC), the country’s consumer watchdog, will launch its National Anti-Scam Center (NASC). The NASC aims to gather expertise and resources to prevent scammers from contacting Australians and raise consumer awareness of scam avoidance.

Trevor Power, an Australian Treasury assistant secretary, confirmed that the government is heavily investing in reducing scams, with a particular focus on cryptocurrency-related scams within the NASC. Recognizing that the industry currently serves as a significant vector for scams, Power affirmed that the center’s work will encompass addressing issues related to digital currencies.

Blockchain Australia has also outlined its plans to examine scam data collected from exchanges and share best practices for scam and fraud prevention. As the peak industry body for blockchain in Australia, the organization represents 111 blockchain-based firms operating within the country.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Shiba Inu
Cryptopolitan
Subscribe to CryptoPolitan