How to Check if a Platform is Legitimate
Before using any crypto platform, always verify:
Check AUSTRAC's VASPR Register
Visit online.apps.austrac.gov.au/vaspr
Search for the platform name. If it is not listed, it is operating illegally in Australia.Check ASIC's Investor Alert List
Visit moneysmart.gov.au/check-and-report-scams/investor-alert-list
If the company is listed, do not deal with them.Check ASIC's Financial Advisers Register
Verify any financial adviser is properly licensed at moneysmart.gov.au.
Common Types of Fake Platforms
Fake Crypto Trading Platforms
These are the most common scam platforms currently targeting Australians. They look professional and show fake trading data, but no real trading occurs.
How they operate:
Professional-looking websites with fake profit dashboards
Fake trading data showing consistent profits
Allow small initial withdrawals to build trust
Demand fees to "release" larger withdrawals
Eventually disappear completely
How victims are lured:
Social media ads promising trading tips
Invitations to WhatsApp, Telegram, or Discord "investment groups"
Impersonation of well-known investors or celebrities
Fake endorsements using AI-generated content
Fake Investment Apps
Scammers create mobile apps that mimic legitimate trading platforms.
Warning signs:
Apps not available on official app stores
Require downloading from a website directly
Request excessive permissions
Poor reviews or no reviews at all
Unregistered Exchanges
Any business providing crypto exchange services in Australia must be registered with AUSTRAC.
Red flags:
No AUSTRAC registration
No Australian business address
Operates offshore with no local presence
No proper KYC process
Specific Warning Signs
Website Red Flags
Recently registered domain
Spelling errors or poor grammar
No "About Us" page or fake team photos
No physical address or Australian contact details
Copycat branding mimicking well-known exchanges
Communication Red Flags
Contact via WhatsApp, Telegram, or social media DMs
Pressure to act quickly or "limited spots"
Promises of guaranteed returns
Unsolicited investment advice from strangers
Financial Red Flags
Requests for upfront fees to withdraw funds
Demands for "tax payments" before releasing money
Requirements to deposit more to "unlock" funds
No clear information about where funds are held
What to Do If You Encounter a Suspicious Platform
Do not deposit any funds
Do not share personal information
Report to Scamwatch
Report to ASIC via their online form
Warn others in community groups
Official Resources
AUSTRAC VASPR: online.apps.austrac.gov.au/vaspr
ASIC Investor Alert List: moneysmart.gov.au/check-and-report-scams/investor-alert-list
Scamwatch: scamwatch.gov.au
ReportCyber: cyber.gov.au
Remember: Coinstash is a registered digital currency exchange with AUSTRAC. We will never contact you via WhatsApp, Telegram, or social media DMs to offer investment advice. If you are unsure about a platform, contact Coinstash Support before making any deposits.