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<p>The Australian Securities and Investments Commission (ASIC) has recently <a href="https://www.dailytelegraph.com.au/business/companies/asics-new-cryptocurrency-warnings-australia-ahead-of-new-federal-government-laws-coming/news-story/41845cb7da51de2136a8d869c9a8572d?amp" rel="noopener noreferrer nofollow">issued</a> new warnings regarding cryptocurrencies in Australia ahead of new federal government laws that are expected to come into effect.&nbsp;</p>
<p>These warnings emphasize the risks associated with cryptocurrencies, which the industry watchdog has criticized as being "created out of nothing."</p>
<p>Last year, Joseph Longo, the chair of the ASIC, has <a href="https://u.today/australias-top-financial-regulator-urges-investors-not-to-put-all-their-money-into-crypto" rel="noopener noreferrer nofollow">warned</a> investors against placing all their funds into cryptocurrencies.&nbsp;</p>
<p>Longo stressed the difficulty in supervising the industry, with many projects not classified as financial products, and drew attention to the increasing incidence of crypto-related scams in Australia.</p>
<h2 id="recent-regulatory-developments">Recent regulatory developments</h2>
<p>In October, it was reported that Australia plans to introduce draft legislation by 2024 for a new licensing regime for crypto exchanges, focusing on licensing and custody rules. This move, expected to be implemented by 2025, marks a significant step towards establishing crypto regulation in the country.</p>
<p>In 2023, Australia updated its capital gains tax guidance to include wrapped tokens and interactions with decentralized finance protocols. Investors are now required to report capital gains and losses whenever a digital asset.&nbsp;</p>
<h2 id="binance-s-woes-in-australia">Binance's woes in Australia</h2>
<p>Meanwhile, the Australian Financial Review review <a href="https://www.afr.com/companies/financial-services/inside-the-long-slid-of-binance-and-its-lucrative-australian-business-20231122-p5elua" rel="noopener noreferrer nofollow">reports</a> that Binance's downfall was significantly influenced by the ASIC canceling the company's licenses.</p>
<p>Binance struggled with regulatory compliance, which was a key factor in its troubles. Jeff Yew, the young CEO of Binance Australia, tried to work with regulators but clashed with Zhao over compliance issues, which led to his resignation.</p>
<p>Binance's derivatives business in Australia was highly successful, but this did not translate into ample funding or stability for the Australian team.</p>

Australians Receive Major Crypto Warning from Top Regulator

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