FBI and ASIC partner up in new cryptocurrency probe

Australian and American authorities are undertaking a joint international criminal investigation into cryptocurrencies.

The Australian Securities and Investments Commission (ASIC) and the Federal Bureau of Investigation (FBI) have been confirmed to be working together in investigating “a range of people” who are allegedly involved in the probe.

The Courier Mail broke the news and cited a recent warning from ASIC’s commissioner John Price against investing in cryptocurrencies. He said those who do should only do so if they are “prepared to lose all [their] money.”

He continued, “There is concern there are a lot of scams out there these cryptocurrencies are alleged to be used for is money laundering.”

Earlier in August, Australia’s financial and cyber crime group charged five people in conjunction with fraud and money laundering of cryptocurrency. The suspects were accused of conducting cold call investment fraud between 2017 and 2019. They were believed to have 100 Oz-based victims.

Financial institutions have struggled with trust issues Down Under since the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was launched in 2017. It revealed serious cultural faults of the sector.

The commission was launched after the banking sector was accused of ignoring money laundering by criminal organizations.

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