Australia has been a pro-crypto country for quite some time and cryptocurrencies are treated as a legal commodity in the country; however, cryptocurrency exchanges register with the AUSTRAC, a government financial intelligence agency set up to monitor financial transactions.
People often question the need for regulations in the crypto world, but crypto-related scams and hacks lead to the need for implementing regulations. Recently, an Australian was under the gun for conning Australian investors off $3 million.
According to a news portal, 45-year-old, Eamon Charles Lowe was presented before the Southport Court on Thursday as he was charged with money laundering. The scammer was “remanded” to appear in court on 5 September.
Eamon Charles Lowe wasn’t the only facing charges as three others were also “persons of interest” to the police. The Australian police think that the $3 million is “just the tip of the iceberg”.
Companies like Exmount Holdings Group, The Quid Pro Quo Foundation, The Atlas Group, AFG Associates Pty Ltd, tradex123, exmounttrading, atlasfxgroup and amazonaus are also under the police radar for allegedly scamming users.
Investors assumed companies were legit as they were given log-in details and also had the option of watching their investments. Things got suspicious when they tried to withdraw their investments but couldn’t.
Mark is a full-time member of the Editorial team of AMBCrypto US & UK markets. With his five-year experience as a business editor for one of the largest dailies in the US, Mark brings sanity and order to our editorial team. Mark is a business major and loves building automotive parts when he’s not working. Email him at [email protected] or [email protected]