A network of crypto investment scammers operating in Israel is targeting Australians, investigations have revealed. It is an organised network that works as a call centre. The scammers used social media ads, showing lucrative profits to target potential victims.
 
## Authorities uncovered Israel crypto scammers

Authorities from four countries were involved in an investigation to uncover a global network of [cryptocurrency scammers](/news/article/crypto-scams-failing). The countries involved include Germany, Serbia, Bulgaria, and Cyprus. 
 
![Screenshot 2023-02-24 at 09.32.58.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_02_24_at_09_32_58_0494957298.png)

[Source](https://twitter.com/australian/status/1628877400556834816)

According to a The Australian report, the authorities raided four call centres in [Serbia](/news/article/do-kwon-hiding-in-serbia). In addition, they searched around 11 residential addresses, arrested 15 suspects, and officers recovered around $1.46 million worth of digital assets. The country is trying to strengthen its [crypto regulations](/news/article/australia-crypto-regulation). 

Further investigation revealed that the network was operating through Israel and the main targets for this network were Australians.
Inadequate investigations allowed scammers to target Aussies
The Australian report also disclosed that inadequate investigative measures for online fraud in the country have allowed scammers to target their citizens.

Australia is a wealthy country with no federal authority to prevent such scams, which gives an open chance of fraud and those intent on scamming victims.

IFW Global’s Senior Investigator, Mark Solomon, explained that, in general, Australians are "open-minded" and "friendly" people. That's why they are more open to online relationships. Hence, if bad actors use the right strategy, they can easily be persuaded.

Solomons also said Israeli crypto fraudsters spend the stolen money on their lavish lifestyles. He mentioned that these individuals are flying private jets, own fancy cars, and have investments in real estate.
Meanwhile, they maintain their lifestyle by "sucking" savings out of the Australian economy.

## Investment scams in Australia

In 2021, ACCC reported that citizens lost more than $2 billion through investment scams. According to [Scamwatch](https://www.scamwatch.gov.au/scam-statistics?scamid=all&date=2023), the country lost over $568.6 million through such scams. 


Israel Crypto Scamming Network Targets Aussies 

The Australian Government is taking steps to strengthen its cryptocurrency regulation landscape by giving the regulator's digital asset team more tools and additional staffing to police the crypto sector in Australia.

The Australian Securities & Investments Commission (ASIC) said in a [statement](https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/making-crypto-safer-consumers) on Friday that it had received tremendous support from the Australian Competition & Consumer Commission (ACCC) to boost its efforts in the wake of unfolding scams and a spate of demands for crypto ransoms.

## Additional Australian crypto regulation efforts

According to Australian Treasurer Jim Chalmers and his Assistant [Stephen Jones](https://twitter.com/StephenJonesMP/status/1621283526502125569), the additional Australia crypto regulation would focus primarily on crypto asset providers to ensure the Australian consumer is protected from unsustainable business models that leave them exposed.

Should the regulator identify companies marketing crypto offerings without the requisite credit or financial services license, the regulator proposes legal action. Additionally, ASIC will ensure companies appropriately disclose risks to consumers, while ACCC will intensify efforts to avert scams such as those involving crypto assets.

The statement said the Government had noted that "more scammers" had infiltrated the emerging asset class, and consumers had lost more than $221 million through crypto payment systems in 2022 alone. Noting that the Government's efforts would focus on the crypto asset subsector that isn't covered adequately by the financial services regulatory framework, Chalmers added that the watchdog would establish new obligations and operational standards for crypto service providers to protect customers.

## Encouraging consumer protection

Following the [FTX exchange's global disintegration](/news/article/ftx-bankrupt-who-to-blame), regulators have intensified scrutiny on the digital asset sub-sector. Blowups have scarred scores of consumers taking advantage of new digital products and services. FTX's Sam Bankman-Fried is already facing a suite of criminal charges, including fraud in the US, following the collapse of his exchange and sister trading house, Alameda Research. 

News about efforts to alter Australia crypto regulation by introducing “tighter safety nets” and amplifying the rules for the crypto market [filtered out](https://twitter.com/business/status/1602826711653023744) in December 2022 when the Government announced it would release a consultative paper in early 2023. According to the regulators, the report would lay the groundwork for a “new strategic plan” for payment systems and primarily work towards improving the regulation of cryptocurrency providers.

Australia will adopt a "multi-stage approach" involving three elements: strengthening enforcement, encouraging consumer protection, and creating a framework for its crypto mapping reform.

These actions aim to safeguard consumers, shield financial systems, and crack down on criminals. A consultation on the proposed custody and licensing framework will begin in "mid-2023".


Australia Crypto Regulation Stepped Up

In the latest [Australia crypto news](/news/article/australia-crypto-regulation-plan), law enforcement is working to increase cryptocurrency expertise and [trace crypto transactions by forming a dedicated police group](https://cointelegraph.com/news/australian-state-police-sets-up-crypto-division-to-trace-transactions).

According to the Australian Financial Review, the Australian Federal Police (AFP) has established a new cryptocurrency unit to monitor crypto-related transactions.

The unit was formed after the force's criminal asset confiscation command exceeded its 2024 target of seizing $600 million in criminal proceeds within two years. 

## Australia Crypto news: AFP's officer statement

According to Stefan Jerga, national manager of the AFP's criminal asset confiscation command, the use of cryptocurrency in illegal activity has increased significantly since the AFP's first crypto seizure in early 2018. In response, the law enforcement organisation established a dedicated crypto team in August.

The increased emphasis on illegal crypto transactions comes as the AFP seizes far more criminal assets than expected. The AFP announced Monday that it had met its goal of capturing $600 million in financial crimes two years ahead of schedule. The AFP-led Criminal Assets Confiscation Taskforce initially set the target, which was expected to be met by 2024.

The organisation has seized $380 million in residential and commercial property, $200 million in cash and bank accounts, and $35 million in automobiles, boats, aircraft, artwork, luxury items, and cryptocurrencies since February 2020. 

While the amount of cryptocurrency seized was small compared to cash and property, AFP Commissioner Reece Kershaw stated that a focus on cryptocurrency provided benefits through great intelligence insights into the business models of organised crime.

 According to the AFP manager, the environment prompted forming a separate team, as opposed to many officers "picking up some of this skill set as part of their overall role." He said that the ability to trace crypto transactions across blockchains is "really, really important," alongside national security, child protection, and other considerations.

Earlier this year, an official at the Australian Transaction Reports and Analysis Centre (AUSTRAC) raised scepticism about cryptocurrency transparency. According to AUSTRAC deputy chief executive John Moss, cryptocurrencies are "attractive for criminals," including neo-Nazi groups, because they can be used anonymously, quickly, and across international borders.

The original white paper published in 2008, introducing blockchain technology, Bitcoin transactions, has been marketed as entirely anonymous and private. Although researchers have recently demonstrated traceability through unintentional patterns in Bitcoin transactional data – the larger a data set, the more patterns appear. Patterns can also be identified and tracked. Governments are strengthening their infrastructure to track cryptocurrency transactions.



Australia Crypto news: AFP forms a crypto unit

The proposed Australian crypto regulation plan unveils the world's first token mapping of digital assets, ranging from Bitcoin to [Dogecoin](/coins/doge), as an audit procedure to accelerate the regulatory framework for its crypto ecosystem. Token mapping is the process of determining the characteristics of all available digital tokens in the country.

## Australian crypto regulation to implement token mapping

According to Treasurer Jim Chalmers, Australia is seeing increased crypto activities and advertisements. Token mapping will allow the government to identify the characteristics of digital currencies used within the jurisdiction and develop a better regulatory strategy for them.

"As it stands, the crypto sector is largely unregulated- we need to do some work to get the balance right, so we can embrace new and innovative technologies while safeguarding consumers," he stated.

In addition to prioritising token mapping this year, the Australian government plans to review the country's current regulatory and licensing frameworks for service providers. They also intend to review the custody requirements for digital asset custodians to ensure local users' safety.

Jim Chalmers stated: "With the increasingly widespread proliferation of crypto ¬assets- to the extent that crypto advertisements can be seen plastered all over big sporting events- we need to make sure customers engaging with crypto are adequately informed and protected."

## Cryptocurrency adoption in Australia

Australia is one of the crypto-friendly jurisdictions where the adoption and ownership of digital assets has been skyrocketing. Digital currency adoption in the country increased by more than 56% between 2022 and 2021, according to a [Banklesstimes report](https://www.banklesstimes.com/cryptocurrency/cryptocurrency-adoption-statistics-in-australia/). According to a Finder.com report, more than 22% of Australians own digital currency, which is higher than the global average of 15%.

Australia's central bank launched a one-year pilot programme for its digital currency earlier this month to assess the business benefits and potential drawbacks of launching a CBDC.



Australia's crypto regulation plan explained

[Monochrome](https://monochrome.co/), a capital growth fund, has been granted an Australian financial services licence (AFSL). It has become the first crypto firm in the country to secure approval. Now, Monochrome can expand its services by offering [Bitcoin spot Exchange-traded Fund](/news/article/btc-etf-approval) (ETF) in Australia. 

Former Binance Australia CEO Jeff Yew established Monochrome in 2021. Since February, the firm has been working on the crypto Exchange-traded fund. For this, they partnered up with the [Vasco Trustees](https://vascofm.com/), which helped the firm to get the licensing from the country’s authorities. The Australian Securities and Investments Commission (ASIC) granted permission for Monochrome to launch the crypto spot exchange traded fund. 
 
## The first AFSL-approved crypto ETF Australia

Monochrome crypto ETF will be the first AFSL-approved one in the country. Though the Australian ETF market is quite saturated, no asset managers are dealing with cryptocurrencies directly. Most fund managers operate as general financial asset managers and do not offer digital assets directly. Also, these firms are only compliant with the regions financial regulations to offer a crypto based product.

With Monochrome receiving an Australian financial services licence. This will allow it to offer a crypto spot ETF in the publicly traded and regulated Australian financial market, making it the first exchange to achieve it.  

## Jeff Yew on the AFSL approval

While sharing his views on the approval, Monochrome’s CEO said it is a significant move that will introduce direct dealings with the cryptocurrencies in the country. He also mentioned that their fund will be a secure option for the investors as it will work within the ASIC’s regulations. 

Moreover, Jeff Yew disclosed that the investors can not only deal with Bitcoin but can also invest in other cryptocurrencies like Ethereum (ETH), Binance coin (BNB), and others. 

The final date for the Bitcoin spot ETF Australia launch is not yet finalised. However, it is has been said that it is likely to be launched next month. This move will give crypto trading exposure to the Australian market with substantial transparency and security.
 



Monochrome to offer crypto spot ETFs in Australia

[Monero or XMR](https://www.getmonero.org/) is a widely popular and unique cryptocurrency because it allows users to remain untraceable. But it has also gained traction from criminals as they can keep their anonymity. This led to the discussions about a ban on Monero in Australia and several exchanges delisting it, which made buying this cryptocurrency quite challenging.

So, if you are also unsure whether you can buy Monero in Australia or not, this article will help clarify your doubts!

## What is Monero (XMR), and how does it work?

Transparency is the key feature of most of the crypto blockchains around the world. But Monero is the cryptocurrency that argues blockchain transparency leads to user identity and is unsafe. That’s why it introduces a blockchain which is confidential and untraceable. The details of each transaction on the blockchain remain hidden, keeping the sender and receiver identities safe. 

It works with three different technologies to keep the data confidential. Firstly, Monero uses temporary stealth addresses that detach the receiver’s public accounts from the transactions. Secondly, each trade requires a ring signature from multiple users. Other than the sender, these users include several decoys so that actual senders remain anonymous. The Ring Confidential Transactions (RingCT) is used as an added layer of confidentiality for encrypting transaction amounts. 

## How to buy Monero in Australia (XMR/AUD)?

You can easily buy XMR in AUD, as Australia allows trading these taxable assets. Like any other digital coin, you first need to find a trusted exchange to buy this coin. There are various credible names like Coinbase, OKX, Kucoin, etc., that you can opt for. After selecting one, create an account on that exchange. 

Register your email and phone number and set up a secure password. Then you can verify your details and deposit your Australian dollars (AUD) into the account to buy privacy coins. It would require selecting a payment method like bank transfer, credit card, or other payment options. Choose one as per your convenience and proceed to deposit AUD. Finally, find XMR on the exchange and swap it with Australian dollars, and you will be all set to use it. 

## XMR as an investment?

Monero is a distinguished token because of its confidentiality. That’s why investing in such privacy coins would depend on your necessity for security. If you want your digital transactions to remain anonymous, buying XMR with AUD could be a rewarding choice, considering its current price. However, you must be aware that it might bring certain risks, like its reputation for illegal activities which is the reason why several countries and exchanges have delisted it.



What is XMR and how to buy it with AUD?

In crypto news from Australia, the [Australian Competition and Consumer Commission (ACCC)](https://www.accc.gov.au/) 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](/news).



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