⚠️ Australian regulators warn against misleading ICOs

The Australian Securities and Investments Commission (ASIC) has issued a release warning against misleading ICOs and cryptoasset funds in the country. According to the release, the ASIC has stopped five token projects from raising capital since the second quarter of this year due to a lack of appropriate investor protection measures. One of the ICOs was further ordered to shut down permanently due to safety concerns. In the release, ASIC outlined what it sees as current problems in the ICO process including misleading or deceptive statements in sales and marketing materials, and unregistered investment schemes that do not hold a proper financial services license.