Home Scam/Fraud Scam alert: Australia warns of self-managed superannuation funds investing in crypto

Scam alert: Australia warns of self-managed superannuation funds investing in crypto

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As a consequence of the spike in scams, ASIC has recently shut down unlicensed financial services business A One Multi Services Pty Ltd, which seems to have received $2.4 million from investors.

The Australian Securities and Investment Commission (ASIC) has warned investors of marketing efforts pushing Australians to switch from retail and industry superannuation funds to self-managed superannuation funds (SMSFs) containing crypto assets.

The financial regulator has noticed a spike in marketing directing retail investors to SMSFs so they can invest in a ‘high return’ portfolio, namely targeting the SMSF trustees to invest in crypto.

For the last couple of years, ASIC has increased its investigative focus on superannuation funds as they show a tendency for attracting scammers.

Given the high risk nature of crypto, the regulator is recommending superannuation fund members to seek advice from a licensed financial adviser before…

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