How to Spot Fake Crypto Exchanges in Australia (2025 Guide)

Cryptocurrency has reshaped Australians’ methods of investing, trading, and safeguarding value. Set against the surge in adoption, these scammers take advantage by flooding the market with deceptively convincing faux exchanges intended to fleece unwitting investors. By 2025, such scams were growing ever more sophisticated, often copying legitimate exchanges replica-for-replica. Be wary, or you could serve up a few careless clicks and end up forfeiting thousands of dollars.

Throughout this guide, we’ll explain how to detect counterfeit crypto exchanges, highlight the warning signs you should be on the lookout for, and advise what steps to take if you’ve already become a target.

Fake crypto exchanges are surging in Australia.

Australia boasts one of the Asia-Pacific’s fastest-expanding crypto user bases. Since more than one million Australians now hold digital assets, con artists see a ripe target for themselves, exploiting both novice and seasoned traders alike. Cloning such platforms entice targets with impossible-looking deals, sleek-looking websites, and marketing pushes that ramp up aggressively on social media.

Frequently, these scam platforms function beyond Australia’s regulatory reach, forcing authorities to adhere to complex processes when trying to investigate and recover any remaining funds.

Common tactics used by fake exchanges

Year by year, scammers are becoming ever more sophisticated. By 2025, con artists’ most common manipulation techniques are expected to encompass:

• Impersonating real exchanges with slightly altered domain names Like: “Binannce” instead of “Binance”).
• Offering unrealistic sign-up bonuses like “Get 5 BTC free just for joining”.
• Faking trading dashboards and showing fake profits to convince you to deposit more money.
• Using fake ASIC registration numbers to appear legitimate.

Knowing their playbook can help you avoid becoming the next victim.

8 Red Flags That Scream “Fake Crypto Exchange”

Here are the most obvious warning signs to watch for:

1. No Australian Financial Services (AFS) Licence

Any exchange offering crypto-related financial services in Australia must be registered with ASIC and/or AUSTRAC.
If the platform can’t prove this, walk away.

2. Unrealistic Promises

If they claim you can double your money in a week or earn “guaranteed profits,” it’s a scam.
Crypto is volatile — no one can promise returns.

3. Poor Website Quality

Check for spelling mistakes broken links and strange layouts. Many fake exchanges copy parts of legitimate sites but miss the details.

4. Untraceable Payment Methods

If they only accept payment in prepaid gift cards, wire transfers, or obscure crypto coins, be suspicious.

5. No Verifiable Team

Legit exchanges display their founders, executives, and office locations. Fake ones hide behind anonymous emails.

6. Pressure to Deposit Quickly

Scammers push you to “act fast” before a “bonus offer” expires — a classic urgency tactic.

7. Bad Online Reputation

Search “[exchange name] scam” on Google. If you find multiple complaints, steer clear.

8. Fake Customer Support

Some fake exchanges have live chats or Telegram groups, but the agents are just there to push you into depositing more.

Also Check: Crypto Staking Tax in Australia – What the ATO Says

How to Verify a Crypto Exchange in Australia

Before signing up anywhere, follow this checklist:

1. Search ASIC’s Professional Registers
   Look up the exchange’s business name or licence number on the ASIC website.
2. Check AUSTRAC Registration
   Australian exchanges must also be registered with AUSTRAC for anti-money laundering compliance.
3. Look for Real Reviews
   Check via Trustpilot, Reddit’s r/CryptoCurrency, or other independent Australian crypto forums.
4. Verify the Domain Name
   Frequently, scammers register websites with an additional letter or a hyphen tacked on. Example: coinspot.au.com instead of coinspot.com.au.
5. Test Customer Support
   Ask specific, technical questions. Scammers give vague or scripted answers.

What to do if you’ve been Scammed

If you realise you have sent money to a fraudulent exchange, act without delay.

• Contact your bank or crypto wallet provider to stop further transactions.
• Report to ASIC via their Scamwatch platform.
• Report to the ATO if the scam affects your tax reporting.
• Document everything — emails, wallet addresses, chat logs.
• Warn others by posting on forums and social media.

Actual Case: Aussie Trader Be Frauded $60,000 by a Fake Exchange

In late 2024 a Brisbane resident was duped into putting over $60, a thousand into is what seemed to be respectable European exchange. The website showed his balance growing daily. But when he tried to withdraw, the exchange demanded a “tax payment” of 20% before releasing his funds.
Once he paid, the site disappeared overnight.
Sadly, this serves as a classic case of how scammers operate.

How the Law Keeps You Safe

Laying down firm financial regulations in Australia is one thing, but reclaiming funds stolen through offshore scams remains difficult. That’s why robust prevention is essential. ASIC, together with AUSTRAC and the ACCC, collaborates to oversee these scams and issue prompt warnings.

Nevertheless, these regulatory agencies can do little to assist you if you willingly funnel funds into an unlicensed venue—so inspection of the licence should be your very first move.

Proving your safety both in 2025 and beyond

As AI-driven sites proliferate and deepfake endorsements proliferate, pinpointing bogus platforms has never been harder. The golden rules read as follows:

• If it sounds too good to be true, it is.
• Never overlook the licence.
• Do not put in more money than you feel prepared to forfeit.
• Use reputable Australian exchanges like CoinSpot Swyftx or Binance Australia.

Also Check: How to Buy Your First Bitcoin in Australia Without Breaking the Bank

Final Thoughts

Although Australia’s crypto ecosystem is flourishing, scams seem to be proliferating at the same pace. Fake exchanges are designed to look convincing — and they succeed because they exploit our fear of missing out on the “next big thing.”

In 2025, the best defence is education. By learning to spot the warning signs, verifying credentials, and trusting your instincts, you can trade and invest with confidence — without falling prey to online thieves.

FAQs – Fake Crypto Exchanges in Australia