Australian Authorities Crackdown on Crypto Scam in the Name of Binance

Jakarta, Pintu News – Australian authorities are taking action against crypto fraudsters posing as representatives of Binance, one of the world’s largest crypto exchanges by trading volume. The action follows a series of fraudulent attacks targeting local users with highly convincing digital communication modes.

The Australian Federal Police (AFP), National Anti-Scam Center (NASC), and Binance Australia are working together to spread the warning to the public. The scam uses text messages and encrypted messaging platforms, claiming that the victim’s account has been hacked, then directing them to transfer crypto assets to a fake “trust wallet” controlled by the perpetrator.

Scammers’ Modus Operandi and Victim Identification Efforts

The perpetrators use psychological manipulation techniques by inserting a fake verification code and a phone number connected to the fraudsters’ “hotline”. Once victims call the number, they are directed to transfer their crypto for security reasons, even though the destination wallet has been controlled by the fraud syndicate.

As part of the proactive measures, more than 130 potential victims have been identified and warned. The operation is part of Operation Firestorm, a global effort launched last year to disrupt international crime syndicates targeting Australians through digital fraud.

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Binance Australia Involved in Investigations and Lawsuits

Meanwhile, Binance Australia is also facing its own legal challenges. The Australian Securities and Investments Commission (ASIC) has sued Binance Australia Derivatives for allegedly misclassifying retail investors as professional (wholesale) investors, thereby depriving them of the legal protections they should have received.

According to ASIC’s statement, between July 2022 and April 2023, Binance categorized more than 500 retail clients-about 83% of their user base in Australia-as wholesale investors. This misclassification resulted in investors losing protection rights under Australian financial laws.

Broader Efforts: AUSTRAC Investigations and Warnings from the ACCC

Australian authorities continue to expand investigations into the cryptocurrency sector. The Australian Transaction Reports and Analysis Center (AUSTRAC) has taken regulatory action against 13 crypto companies for alleged compliance violations. To date, more than 50 other companies are also under investigation.

In addition, the Australian Competition and Consumer Commission (ACCC) expressed concern over the impact of easing crypto regulations in the United States under President Donald Trump. ACCC Chair, Gina Cass-Gottlieb, warned that the policy could create a “horror scenario” for global investors, including Australians.

Losses Due to Fraud and Appeal to the Public

According to the ACCC’s annual report, Australians lost more than $1.3 billion to investment fraud throughout 2023, with crypto fraud being a major contributor. Current enforcement actions aim to reduce these losses and provide education on the dangers of digital fraud.

AFP is asking victims involved in the scheme to contact their bank or crypto exchange immediately and report the incident through the ReportCyber platform by providing the reference number AFP-068. Authorities are also urging users to be more wary of messages claiming to be from official crypto institutions.

Conclusion

The crypto scam on behalf of Binance in Australia reflects the growing threat to digital investors amid the popularity of crypto assets. Collaborative measures between law enforcement agencies, regulators, and crypto exchanges are key in combating increasingly sophisticated fraud schemes. Amidst the surge in interest in cryptocurrencies, public awareness and education remain the best defense for investors of all stripes.

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Reference:

• Vismaya V / Decrypt. Authorities Target Crypto Scammers Posing as Binance in Australia. Accessed March 21, 2025.
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