What's Hot

    VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform – Press release Bitcoin News

    26/05/2022

    Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why

    26/05/2022

    ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News

    26/05/2022
    Facebook Twitter Instagram
    • Polls
    • Questions
    Thursday, May 26
    Trending
    • VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform – Press release Bitcoin News
    • Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why
    • ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News
    • Former Binance executives launch $100 million venture fund
    • Will It Rise In The Future?
    • What is WinkLink? Is WINK Coin a Good Investment in 2022?
    • Enhance Basic Tech Capacity & Provide All-encompassing Products & Services
    • No Tax Amnesty for Russian Crypto Miners as Lawmakers Withdraw Proposal – Mining Bitcoin News
    Login
    Weekly Crypto | Designed by Koios students Weekly Crypto | Designed by Koios students
    • Home
    • Live chart
    • Koios
    • Join Discord!
    • Account
      • Register
      • Login
      • My Account
      • My Posts
    Weekly Crypto | Designed by Koios students Weekly Crypto | Designed by Koios students
    Home»Business»Australian Regulator Warns Against Investing Retirement Funds in ‘High Risk’ Crypto-Assets – Regulation Bitcoin News
    Business

    Australian Regulator Warns Against Investing Retirement Funds in ‘High Risk’ Crypto-Assets – Regulation Bitcoin News

    adminBy admin18/01/2022No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    An Australian regulator has warned residents seeking to self-manage their retirement funds to be wary of investing in crypto-asset investments that promise high returns in a short space of time. The regulator reiterates in the warning that crypto-assets are a high-risk and speculative investment.

    Scammer Tactics

    The Australian financial services regulator, the Australian Securities and Investments Commission (ASIC), has warned residents that self-manage their superannuation funds to be wary of scammers that are using the lure of quick and high returns offered by crypto assets to defraud unsuspecting victims.

    The watchdog added that superannuation fund members that wish to “transfer superannuation [retirement savings] out of a regulated fund into a self-managed superannuation fund (SMSF)” should seek advice from a licensed adviser before making the switch.

    In a public warning issued on January 17, 2022, the ASIC also details some of the tactics used by scammers that Australians need to be on the lookout for. The warning states:

    Do not rely on social media ads or online contact from someone promoting an ‘investment opportunity.’ Be wary of people ‘cold calling’, text messaging, or emailing you with a recommendation to transfer your super to an SMSF, or invest in crypto-assets via your SMSF.

    For Australians that decide to personally manage their retirement funds, the watchdog reminds them of their responsibilities as well as the tax consequences that arise if they decide to invest in cryptocurrencies. The warning also emphasizes that only licensed financial advisors are better placed to assist Australians seeking to set up an SMSF.

    Unlawful Transfer of Funds

    Meanwhile, the warning revealed that the ASIC had made the decision to shut down an unlicensed services business. One shutdown example is A One Multi-Services, back in November, after it accused the latter of unlawfully transferring $2.4 million to buy crypto-assets.

    The warning explained: “ASIC obtained interim orders and injunctions from the Federal Court in Queensland against A One Multi and its directors Aryn Hala and Heidi Walters to protect investors.”

    In the meantime, the warning says Australians that have been scammed can contact ASIC on its hotline or via the internet.

    What are your thoughts on this story? Tell us what you think in the comments section below.

    Terence Zimwara

    Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.







    Image Credits: Shutterstock, Pixabay, Wiki Commons

    More Popular News

    In Case You Missed It

    Near Foundation Raises $150 Million to Bolster Web3 Adoption

    On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% … read more.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    admin
    admin
    • Website

    Related Posts

    VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform – Press release Bitcoin News

    26/05/2022

    Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why

    26/05/2022

    ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News

    26/05/2022

    Former Binance executives launch $100 million venture fund

    26/05/2022
    Add A Comment

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Latest News

    VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform – Press release Bitcoin News

    26/05/2022

    Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why

    26/05/2022

    ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News

    26/05/2022

    Your source for the serious weekly crypto news.

    Discord
    Top Insights

    VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform – Press release Bitcoin News

    26/05/2022

    Spooky Solana breakdown begins with SOL price facing a potential 45% drop — Here’s why

    26/05/2022

    ETH Hits 2-Week Low, Following Move Below $1,900 – Market Updates Bitcoin News

    26/05/2022
    • Digital Marketing Bureau Chapter73
    • Mavic Studio Professionele Drone Fotografie
    © 2022 Weekly Crypto. Designed by students of Koios.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Lost password?

    Register Now!

    Already registered? Login.

    A password will be e-mailed to you.