- ASIC dismantled 3,015 crypto-related scam sites, representing 20% of total removals over two years.
- Regulators reported scammers using AI bots, cloaking, and fake endorsements to lure investors.
- AUSTRAC intensified crypto oversight, auditing exchanges and creating a public register for compliance checks.
The Australian Securities and Investments Commission (ASIC) has confirmed that cryptocurrency-related fraud accounted for one-fifth of its scam website removals over the past two years. Since July 2023, the regulator has taken down more than 14,000 investment scam and phishing sites, with approximately 3,015 linked directly to crypto fraud.
Cryptocurrency’s Share of Scam Removals
ASIC reported that out of the 14,000 scam sites dismantled, crypto-related cases represented 20 percent of all takedowns. These sites included fraudulent investment platforms, phishing schemes, and impersonation scams designed to lure investors. The regulator currently removes about 130 malicious websites each week as part of its ongoing disruption campaign.
The surge in crypto-linked fraud coincides with broader enforcement targeting online financial crime. ASIC noted that its actions now extend to fake social media advertisements designed to draw victims into fraudulent platforms. Scammers have employed increasingly advanced tactics. According to ASIC, AI-driven schemes claiming to use trading bots for passive income are spreading.
Copycat website templates allow fraudulent sites to launch quickly, while fabricated news articles with AI-generated celebrity endorsements add false credibility. Cloaking has become another key tactic. This method enables operators to display different content depending on the visitor’s device or location. Third-party integrations are also used to create an impression of legitimacy.
Enforcement Outcomes Linked to Fraud
Between January and July 2025, ASIC recorded notable enforcement results across the investment fraud landscape. These included $57.5 million in civil penalties handed down by courts and six criminal convictions. Regulators also opened 345 new investigations during the same period. The regulator wound up 95 companies tied to international pig butchering operations after receiving nearly 1,500 victim claims across 14 countries.
Losses linked to those schemes totaled $35.8 million. Federal Court Justice Angus Stewart described the evidence against these companies as overwhelming when approving liquidation orders. While ASIC focused on scam websites, AUSTRAC expanded its oversight of crypto exchanges and remittance providers. Binance Australia was directed to appoint external auditors after AUSTRAC raised concerns regarding anti-money laundering compliance.
The agency has reviewed 13 providers, launched investigations into 50 more, and cancelled nine licenses for failing to meet obligations. AUSTRAC also contacted 427 inactive registered exchanges, warning of deregistration if they fail to withdraw voluntarily. Officials said a publicly searchable register will be introduced, allowing consumers to confirm whether an exchange is properly registered. A dedicated task force has also been established to monitor compliance among Australia’s 1,600 crypto ATMs.
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