Australia's ASIC Targets 95 Companies in Crypto Scam Crackdown

According to Cointelegraph, Australia's corporate watchdog, the Australian Securities and Investments Commission (ASIC), has received approval from the Federal Court of Australia to shut down 95 companies suspected of engaging in crypto investment and romance scams, commonly referred to as 'pig butchering. ' This decision was made on just and equitable grounds after ASIC discovered that most of these companies were incorporated using false information. These entities were allegedly set up under the guise of providing legitimate services but were instead believed to be defrauding their victims, as stated by ASIC Deputy Chair Sarah Court in an April 8 announcement. Justice Angus Stewart, in an April 4 court ruling, highlighted a recurring pattern of scam activity associated with 'pig butchering' after reviewing 48 'Reviews of Misconduct' from 17 companies accused of facilitating romance scams source: https://www.binance.com/en/square/post/22626312645513?utm_source=BinanceNewsRSS