The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Binance's Australian operator, Oztures Trading Pty Ltd. The regualtor accused the crypto derivatives platform of misclassifying over 500 retail clients as wholesale investors, and thus, denying these clients essential legal protections under Australian financial laws. In a December ...
The Australian government is set to launch a National AI Capability Plan to strengthen the country’s artificial intelligence (AI) industry, which is projected to contribute significantly to the economy by 2030. However, industry leaders have urged a faster timeline, warning that delays may hinder Australia’s ability to compete in the ...
The Australian Securities and Investments Commission (ASIC) has fined Bit Trade, the local operator of the Kraken crypto exchange, of AUD 8 million (approximately USD 5.2 million) for illegally providing credit facilities to over 1,100 customers. The announcement was made on December 12. According to the regulators, In October 2021, ...
Australian fintech industry experienced a notable contraction in 2024, with more than 7% of fintech companies shutting down, according to KPMG’s Australia Fintech Landscape 2024 report. Blockchain and cryptocurrency firms bore the brunt of the decline. KPMG reported that the number of independent fintech firms in Australia has steadily declined ...
Australia has launched a task force to crack down on cryptocurrency ATM operators failing to adhere to the country’s anti-money laundering (AML) regulations, as announced by the Australian Transaction Reports and Analysis Centre (AUSTRAC) on December 6. In its statement, AUSTRAC warned crypto ATM providers of stringent enforcement actions and ...
Australian regulators are ramping up efforts to tighten oversight of the country's cryptocurrency market, with the Australian Securities and Investments Commission (ASIC) leading the charge. On December 4, ASIC released Consultation Paper 381, which outlines strategies to close regulatory gaps in the sector and ensure adherence to current financial regulations. ...
Crypto.com is expanding its range of services with the acquisition of Fintek Securities, a licensed Australian brokerage regulated by the Australian Securities and Investments Commission (ASIC). Announced on November 14, this acquisition allows the crypto exchange to offer an expanded suite of services to eligible Australian users, including deposit products, ...
U.S.-based crypto exchange Kraken is broadening its range of crypto services for Australian customers. The expansion targets eligible wholesale clients, enabling them to gain exposure to cryptocurrency price fluctuations without directly holding the assets themselves. In a blog announcement on November 3, the crypto exchange revealed that the service is ...
The Australian Federal Police (AFP) announced they had successfully "deciphered" a seed phrase granting access to $6.4 million (9.3 million Australian dollars) worth of cryptocurrencies linked to a suspect. The individual, Jay Je Yoon Jung, is accused of creating an encrypted messaging app, "Ghost," reportedly used by organised crime networks. ...
Australian regulators are reportedly drafting new legislation that will mandate cryptocurrency exchanges to obtain financial services licences, with updated regulatory guidance set to be released within the next two months. Alan Kirkland, a commissioner at the Australian Securities and Investments Commission (ASIC), announced the regulator's plans during the AFR Crypto ...
