On Tuesday,
the Australian Securities & Investments Commission (ASIC) issued a warning,
alerting investors about appasiccoin.org website, which is using
cryptocurrencies to potentially scam retail traders. Despite claims the
regulator endorses its activities, it does not possess an Australian financial
services (AFS) authorization.
ASIC highlights
three points that should suggest to investors that they are dealing with a scam.
Firstly, it uses ASIC’s logo without the regulator’s approval (the institution
stresses that it has never endorsed any individual company or business). Secondly,
appasiccoin.org us an encrypted messaging system to advertise its scam, providing
almost no contact information, and thirdly, ASIC does not license the website
or its operator.
“Do not
invest in this product. ASIC does not endorse it or any other investments. The
appasiccoin.org also does not have the permission to use ASIC’s name and has no
affiliation with ASIC,” the regulator commented in the press release
published on Tuesday.
It is worth
noting that the Australian financial watchdog is not notifying the public about potential
cryptocurrency scams very often. The last time it published an official ‘crypto
scam alert’ was in January 2021 regarding
Alliance Limited. The allegations against alliancelimited.org…
