{"id":88766,"date":"2023-11-25T17:11:39","date_gmt":"2023-11-25T22:11:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/australian-regulator-says-cryptos-created-out-of-nothing-issues-fresh-warning-report\/"},"modified":"2023-11-25T17:11:40","modified_gmt":"2023-11-25T22:11:40","slug":"australian-regulator-says-cryptos-created-out-of-nothing-issues-fresh-warning-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88766","title":{"rendered":"Australian Regulator Says Cryptos \u2018Created Out of Nothing,\u2019 Issues Fresh Warning, Report"},"content":{"rendered":"<div>\n<figure id=\"attachment_136222\" aria-describedby=\"caption-attachment-136222\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-136222\" class=\"wp-caption-text\">Source: Pixabay \/ Patty Jansen<\/figcaption><\/figure>\n<p>The Australian Securities and Investments Commission (ASIC) is reportedly ramping up its surveillance towards the crypto market introducing fresh warnings.<\/p>\n<p>The regulator on Friday issued warning on cryptocurrency investments criticizing the digital tokens as \u201ccreated out of nothing.\u201d ASIC chair Joseph Longo also slammed the beleaguered Binance exchange and its CEO Changpeng Zhao over its unclear structure.<\/p>\n<blockquote>\n<p>\u201cIt\u2019s basically created out of nothing, out of the ether \u2013 it\u2019s basically computer code.\u201d<\/p>\n<\/blockquote>\n<p>Per a report by an Australian daily, ASIC issued strict crypto warnings and would tighten its cryptocurrency laws by 2025. A new legislation, paying attention to the risks of cryptos will be introduces soon, it said.<\/p>\n<p>\u201cThe whole crypto story to my mind remains one that we should be very, very, very cautious about,\u201d Longo said.<\/p>\n<p>He also stressed that many digital tokens are not traded in a way which isn\u2019t transparent and the processes are opaque.<\/p>\n<p>Further, Longo also raised concerns on those investors who can\u2019t afford to lose their money on cryptos. \u201cBut I do worry about people who think that it\u2019s an activity that you could equate with superannuation or having a mortgage or buying some property.\u201d<\/p>\n<p>Longo added that cryptos remained on AISC\u2019s radar with four legal cases currently underway.<\/p>\n<p>\u201cMy key message remains: be careful before you put your money into crypto,\u201d he warned. \u201cThe other reason I worry about crypto is that you can trade crypto anywhere in the world.\u201d<\/p>\n<p>The warning and the new legislation on cryptos come at a time when 906,000 Aussies said that they are likely to enter the crypto market for the first time in next 12months, according to Australian Digital Assets Survey, 2023.<\/p>\n<p>Longo further said that once the legislation passes the parliament, ASIC will get extra funding to tackle crypto.<\/p>\n<h2>Binance is \u201cOpaque\u201d<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Furthermore, Longo mentioned the opaque and unclear structure of Binance as the exchange faces trouble with the US Securities and Exchange Commission (SEC) and the recent stepping down of its CEO CZ.<\/p>\n<blockquote>\n<p>\u201cI mean, look at Binance \u2013 where are they based? We still don\u2019t know. So, what am I dealing with?\u201d<\/p>\n<\/blockquote>\n<p>According to ASIC deputy chair Sarah Court, crypto regulations in Australia has two factors \u2013 design and ways to enforce it.<\/p>\n<p>\u201cCrypto has been a really critical part of the enforcement that we\u2019ve been doing this year,\u201d she noted. \u201cIf we see misconduct though that raises significant issues in the same way as these other cases then absolutely we will continue to prioritize and take enforcement action.\u201d<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/australian-regulator-says-cryptos-created-out-of-nothing-issues-fresh-warning-report.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay \/ Patty Jansen The Australian Securities and Investments Commission (ASIC) is reportedly ramping up its surveillance towards the crypto market introducing fresh warnings. The regulator on Friday issued warning on cryptocurrency investments criticizing the digital tokens as \u201ccreated out of nothing.\u201d ASIC chair Joseph Longo also slammed the beleaguered Binance exchange and its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":88767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-88766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australian Regulator Says Cryptos \u2018Created Out of Nothing,\u2019 Issues Fresh Warning, Report | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay \/ Patty Jansen The Australian Securities and Investments Commission (ASIC) is reportedly ramping up its 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