Australian authorities have ramped up efforts to tackle crypto scammers posing as representatives of Binance, the world’s largest cryptocurrency exchange by trading volume. The Australian Federal Police (AFP), National Anti-Scam Centre (NASC), and Binance Australia have issued warnings about this sophisticated fraud, which uses deceptive messages to trick users into transferring their crypto assets. In a joint statement released Wednesday, the AFP disclosed that over 130 potential victims were notified as part of a proactive measure against the scam. Fraudsters used SMS and encrypted messaging platforms to impersonate Binance representatives, falsely claiming that victims’ accounts were compromised.
### How the Scam Operated
Victims received convincing messages that seemed to originate from legitimate Binance support channels, complete with fake verification codes and a contact number directing them to a bogus hotline. Once victims called, they were instructed to transfer their cryptocurrency to a “trust wallet” secretly controlled by the scammers. The scam was uncovered as part of Operation Firestorm, a global law enforcement effort launched last year to dismantle cybercriminal networks targeting Australians with digital fraud. While the AFP teamed up with international authorities to trace the culprits, the funds transferred by victims were quickly laundered through multiple wallets, making recovery nearly impossible. “The AFP has worked closely with our partners at the NASC to ensure any victims in Australia targeted by these scammers were identified swiftly and given advice to help protect their cryptocurrency accounts,” said AFP Commander Cybercrime Operations Graeme Marshall.
Authorities have encouraged victims to promptly contact their banks or crypto exchanges and report incidents to the police via ReportCyber, using reference number AFP-068.
Growing concerns about crypto scams in Australia continue to mount. Last month, the Australian Competition and Consumer Commission (ACCC) expressed concerns about the potential impact of relaxed crypto regulations in the U.S. under President Donald Trump’s administration. ACCC Chair Gina Cass-Gottlieb warned that reducing regulations in the U.S. could lead to negative scenarios for investors worldwide. The agency’s annual scam report highlighted the rising threat, noting that Australians lost over $1.3 billion to investment scams in 2023, with crypto scams being a significant factor. Recently, Australia’s Securities and Investment Commission (ASIC) proposed stringent licensing requirements for crypto firms. Under current Australian laws, businesses offering financial services or dealing in financial products must obtain an Australian Financial Services License (AFSL), and platforms that facilitate trading of these products may need an Australian Market License. The new rules would apply these requirements to crypto exchanges and other digital asset firms.
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A seasoned crypto user never imagined he’d fall for a scam – until a trusted forum seller turned out to be a fraud. Lesson learned? Even the most careful can be tricked – but with #Binance, you’re never alone. Read the full story 👉🏼 pic.twitter.com/pjEpZUiAde — Binance (@binance) March 17, 2025
