Crypto News Australia: Regulator Trials Automated Scam Site Removal
In crypto news from Australia, the Australian Competition and Consumer Commission (ACCC) is testing automated scam site removal.
After more than 300 reports, ACCC's trial has taken down various scam sites, including ones linked to cryptocurrency.
Cybersecurity experts believe this measure will help regularly take down fraudulent sites that pose a cyber threat to consumers.
Crypto News Australia
On Tuesday, the ACCC's chair, Gina Cass-Gottlieb, announced the trials at the 2022 Law Council Australia. This followed crypto news from Australia that, last year, there was a loss of around 113 million (AUD) because of cryptocurrency scams in the country. That's why ACCC thinks that action against such scams is mandatory.
ACCC is currently working with the Australian Securities and Investment Commission (ASIC) to remove crypto scam sites from the internet. To take an efficient and automated action against scammers, ACCC is taking help from Netcraft, a UK-based firm. Netcraft is an experienced firm for cybersecurity as it has been working with the UK’s National Cyber Security Network for the last four years.
Cass-Gottlieb said more than 300 scam sites have been reported and removed from the internet in the last three weeks. These sites include phishing, tech support, puppy, and cryptocurrency investment scams.
Australia Introducing Strict Crypto Regulations
Other crypto news from Australia suggests that the country's crypto regulators are introducing strict policies for criminals. Along with taking action against scam sites, the Australian courts have announced severe sentences for criminals who will use crypto in their illegal activities.
The ruling came after a recent study on Crime and Cryptocurrency in Australian courts. According to this study, using blockchain for crimes indicates considerable planning and technical knowledge. That's why the court concluded that the crimes involving crypto are more offensive to the law.
Australia is now also looking to shape a formidable framework for cryptocurrencies to ensure a safer environment for investors. Previously, many other countries like the UK, Russia, South Africa, and others have made amendments to their cryptocurrency regulations.
Read more crypto news at Latest Moni.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.