Altcoin News by Thebittimes.Com

The HyperVerse crypto Ponzi scheme that cost investors $1.7 billion was reportedly passed between Australian regulators and police for two years before any action was taken, according to The Guardian. It was reported this week that HyperVerse, which promised lucrative returns but relied on funds taken from investors, was first referred by the Australian Securities and Investments Commission (ASIC) to the country’s Victoria police in 2020 for “possible fraud offences.” However, it wasn’t until two years later in January 2022, that Victoria Police referred it back to ASIC. A police spokesperson told the Guardian it took until 2021 to assess the case and that it was eventually decided that ASIC was “ best placed to look at it further .” HyperVerse police verdict took “some time” When asked why it took so long to process the case, police said it needed to be assessed if any crime had been committed and if the police should handle it. “Depending on circumstan...

Australian police have arrested 28 people in a coordinated crackdown against one of Australia’s largest crime syndicates, which has allegedly moved AU$1.5 billion ($978 million) in cryptocurrency over the past year. The gang, which reportedly originates from Lebanon, has allegedly also moved AU$1 billion ($652 million) in drugs, firearms, and tobacco. New South Wales (NSW) police investigating the syndicate began arresting suspects on Sunday. Over the course of two days, 450 officers carried out 37 search warrants and made 24 arrests.  Police have so far seized 25 firearms, AU$2 million ($1.3 million) in Crypto currency , almost AU$1.5 million ($980,000) in cash, more than AU$3 million ($1.9 million) worth of luxury watches, a Lamborghini, and 60 dedicated encrypted criminal communications (DECCD). Police also seized two tonnes of illicit drugs and precursor drugs worth over AU$130 million ($85 million). The syndicate ’s demise was announced during a press event on Wedn...

The Australia n Securities and Investments Commission (ASIC) has issued a press release detailing $13.1 million in payments to users of Binance Australia Derivatives (also known as Oztures Trading Pty Ltd) for rule-breaking related to the misclassification of users as wholesale instead of retail.  Binance Australia Derivatives failed to provide retail clients with legally required protections and, as such, has had to compensate users for ‘net trading losses and fees.’ Binance Australia Derivatives canceled its Australian Financial Services License in April of this year. This cancellation came after ASIC started a “targeted review of Binance’s financial services business in Australia” and after “ASIC issued a notice of hearing.”  Binance Australia raided by regulator just weeks after Europe HQ raid Read more: FTX Australia license revoked nine months after implosion After it chose to cancel this license, there were subsequent raids on...

During a panel at the Australian Blockchain Week, executives from Australia’s major banks explained why they added restrictions on payments to local crypto exchanges. Australia’s cryptocurrency industry banking woes will likely continue, with the government and major banks signaling no intention to back down against scams that “touch” crypto. During a panel at the Australian Blockchain Week on June 26, Sophie Gilder, managing director of blockchain and digital assets at Commonwealth Bank (CBA) shed light on the bank's restrictions on crypto exchange payments, noting it was put in place after seeing an alarming rate of scams that ended up involving cryptocurrency. “One in three of the dollars that are scammed from Australians touch crypto, one in three. So it's the single largest lever that we have to reduce this impact on our customers,” she said. Commonwealth Bank's Sophie Gilder speaking in a panel during Australian Blockchain Week. Source: Cointelegraph Nigel Dobson, ba...

Crypto assets continue to thrive despite being in the midst of macro-economic instability. Just a few hours back, Bitcoin went on to claim the $29k mark, for the first time since June 2022. Alongside, companies from the industry have also been expanding their reigns to cater to the growing demand for crypto assets. Crypto exchange OKX recently announced that it will be opening an office in Australia “in the coming months.” Haider Rafique, the Chief Marketing Officer at OKX asserted that the exchange intends to become “the leading crypto platform in the world.” Elaborating on how the latest initiative would help foster the company’s ambition, he said, “We see Australia as an indispensable part of this strategy and a key growth market. With such a strong uptake of crypto in Australia already, we’re committed to the local market and aim to build a strong local office.” OKX has a host of prominent ambassadors like F1 driver Daniel Ricciardo and Olympic snowboarder Scotty Jam...

Australia’s prudential regulator has reportedly told banks to improve reporting on crypto assets and provide daily updates. Australia’s prudential regulator has reportedly asked local banks to report on cryptocurrency transactions amid the ongoing contagion of Silicon Valley Bank’s (SVB) collapse. The Australian Prudential Regulation Authority (APRA) has started requesting banks to declare their exposures to startups and crypto-related companies, the Australian Financial Review reported on March 21. The regulator has ordered Banks to improve their report ing on crypto assets and provide daily updates to the APRA, the report notes, citing three people familiar with the matter. The agency is aiming to obtain more information and insight into banking exposures into crypto as well as associated risks, the sources said. The new measures are reported ly part of the APRA’s increased supervision of the banking sector in the aftermath of recent massive collapses in the global banking system...