The Australian Securities and Investment Commission (ASIC) has banned financial advisors for 10 years for crypto fraud. In a recent media release, regulators alleged that Glenda Malley Logan misused client funds in fraudulent crypto investments.
According to ASICRogan has moved $14.8 million (valued approximately $9.6 million) of client funds to Crypto Investment Scam, a financial center. This occurred between March 2022 and June 2023 while she was a financial advisor and occupying the Fincare Group of Companies.
She is also an approved representative of Private Wealth Pty Ltd and mislead clients about the nature and risks of the investment while advising as a representative of FinCare.
Her misrepresentation and false statements led some of these clients to transfer money to an account under her control, including telling clients that they were investing in high-yield fixed profit accounts.
She reportedly turned most of her funds into cryptocurrency and sent them into wallets appointed to the financial center. The ASIC blacklisted the financial centre as non-facility, noting that Logan should be skeptical about the platform until 2022.
Based on this, regulators have been banning Logan from financial services for ten years. This means that you cannot perform financial services-related functions or manage the entities that carry out financial services.
The press release stated:
“ASIC has discovered that Ms. Rogan is not complying with the Financial Services Act by engaging in misleading or deceptive behavior (and) Ms. Rogan has found that she has reason to believe she has no capacity to participate in the Australian financial services industry.”
The ban was already in effect from June 6, 2025, but regulators noted that Logan could still appeal while adding that the investigation was ongoing. Therefore, to file a complaint with the Australian Financial Complaints Bureau, we called the affected person in the incident.
Meanwhile, ASIC’s actions are part of a national effort to crack down on Australia’s investment fraud and crypto-related crimes. The regulator was at the forefront by shutting down more than 10,000 investment scam websites as of the end of February, including more than 1,200 crypto-related scams.
Last month, ASIC was also a former executive at Crypto Exchange Acx.io and Liang “Allan” Guo, and also about the exchange’s collapse. The collapse of the ACX left users with millions of losses, but Guo fled the country.
Interestingly, it’s not just an ASIC that concludes crimes and other crypto-related frauds. Australia’s Transaction Reporting and Analytics Centre (Austrac) has introduced new requirements for operators of cryptographic automated teller machine (ATM).
New rules Limit withdrawals and deposits to $5,000. This is about USD 3,250. Additionally, ATMs should display warning messages to prevent users from being victimized by fraud while keeping them aware of their customer (KYC) and money anti-laundering requirements.
Interestingly, Austrac has refused to renew the license for Crypto ATM operator Harro’s Empire due to concerns about the misuse of ATMs.
Meanwhile, Australian police recently accused four people of money laundering using cryptocurrency. Police say the criminal gang has washed about $125 million in code.
Crypto adoption in Australia continues to grow
Recent regulatory efforts may give the impression of Australia’s cryptography crackdown, but the reality is far from this. In fact, the rise in regulatory efforts is a response to the increased adoption of crypto in countries that some bad actors are trying to exploit.
For example, there are around 2,000 crypto ATMs in Australia today, a significant number compared to 23 in 2019. These ATMs process around 150,000 transactions per year, and 72% of the use of individuals over 50 years.
Interestingly, over 30% of Australians own or own crypto assets. investigation Earlier this year, an additional 14.3% are interested in investing in crypto.
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