Following a number of attacks on local users, Australian authorities are cracking down on scammers pretending to be Binance. Binance is the world’s biggest crypto exchange in trading volume.
Binance Australia and the National Anti-Scam Centre of Australia have warned victims against a scam which uses fake emails to steal crypto.
In a joint effort, the AFP reported that 130 possible victims were alerted in a proactive attempt to fight this scam. The following is a statement by the spokesperson Published Wednesday
The fraudsters previously used SMS and encrypted messaging platforms to pose as Binance representatives, claiming that victims' accounts had been breached.
The fake codes, along with a number of contact numbers that lead victims to an imposter phone line, were included in the messages. They appeared to come from threads already existing on Binance.
Once they called the number, victims were advised to transfer their cryptocurrency to a "trust wallet," controlled by the scammers.
Crypto scams are identified by Operation FirestormA global initiative launched in 2013 to combat international criminal syndicates that target Australians via digital fraud.
The AFP worked closely with international law-enforcement agencies to identify perpetrators. But once they had transferred the funds, these were moved quickly through a system of wallets and money laundering channels. This made recovery almost impossible.
"The AFP has worked closely with our partners at the NASC to ensure any victims in Australia targeted by these scammers were identified swiftly and given advice to help protect their cryptocurrency accounts," AFP Commander Cybercrime Operations Graeme Marshall said in a statement..
ReportCyber is the best way to notify the police about the scam. Use reference number AFP068.
Binance Australia is a company that has worked with local authorities in order to combat the fraud, while also facing its own legal issues.
By December 2024 the Australian Securities and Investments Commission, ASIC launched Binance Australia Derivatives has been accused of misleading retail investors by denying essential consumer rights.
As concerns about crypto-scams increase in Australia, the Australian authorities have coordinated their efforts.
The Australian Competition and Consumer Commission warned last month about the possible impact of looser crypto regulation in the U.S., under the administration of President Donald Trump.
ACCC Chair Gina Cass-Gottlieb pointed out that the U.S. government's move to ease crypto regulation could lead to 'horror scenarios' for investors.
These fears are reflected in ACCC’s scam report for the year, released by the ACCC. revealed Australians have lost $1.3billion to investment frauds since 2023. The crypto-scams are a big contributor.
Sebastian Sinclair is the editor
