ASIC Issues Crypto Scam Alert Against appasiccoin.org

ASIC is alerting investors about a suspicious website, appasiccoin.org, using crypto to scam Australians.

The operators of the website mislead investors by claiming its investments are endorsed by ASIC. The operators also do not have an Australian financial services (AFS) licence.

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ASIC warns not to invest in this product. The watchdog does not endorse it or any other investments. The appasiccoin.org also does not have the permission to use ASIC's name and has no affiliation with ASIC.

appasiccoin.org is suspicious because it:

• Claims to be endorsed by ASIC. ASIC never gives permission to use its name or logo to promote financial products or services. Consumers should be wary of any website or advertisement that states or implies that the investment they promote is approved by ASIC or Moneysmart, or uses ASIC's logo – it could be a scam.

• Uses encrypted messaging facilities to promote the scam and provides limited contact information.

• ​Does not have an AFS licence, which means customers are not protected when things go wrong.