The Australian Securities and Investments Commission (ASIC) targets pump and dump groups on Telegram
The Australian Securities and Investments Commission (ASIC) monitors share price pump and dump groups on Telegram. There is a high probability that if these groups issue a suppression order, they will no longer be able to signal and conduct pumping and dumping games for these projects.
ASIC clears pools of pooling, pumping and dumping on Telegram
Earlier this week, an account called ASIC in the 300-strong Telegram group “ASX Pump Organization” posted a warning that “we are monitoring this platform and may investigate you”. The specific content of the warning message is as follows:
“Coordinated pumping of stock prices for profit is illegal. We can track all transactions and have access to merchants’ identities. […] They are at risk of legal enforcement, including paying fines in excess of $ 1 million and jail time. “
Many members of the group believe this account is fake. However, the ASIC side has confirmed the validity of this deleted notice to the newspaper The Australian.
While some members of the community laughed repetitively at ASIC’s news, others expressed frustration at being targeted instead of corporate and corporate traders.
“What ASIC needs to do is focus on monitoring insider trading companies and short sellers. You shouldn’t spend your precious time here pestering 300 retail investors who won’t go wrong with just sharing stock recommendations. That must be the greatest joke in history, “one member expressed his despair.
On September 23, ASIC warned of the involvement of social media groups involved in blatant pump-and-dump campaigns. They claim that many posts can mislead subscribers by implying that these activities are legitimate. They even imposed sentences of up to 15 years and fines of more than $ 1 million.
“ASIC has worked closely with market operators to identify and dismantle pump-and-dump campaigns. At the same time, we will continue to target behaviors that compromise market integrity. Of course there will be enforcement measures, ”said ASIC Commissioner Cathie Armor.
While ASIC isn’t specifically targeting crypto pump and dump pools, a regulator spokesman said:
“The campaign is targeting publicly traded stocks, but this message is also relevant to any other financial product, including cryptocurrencies or those related to financial products.”
“Even if the activities related to cryptocurrencies / products may not be a financial product within the meaning of the Commercial Act, pump and dump activities are still a matter of concern as they cause damage to investors and create unnecessary price volatility.”
Pump and dump groups have grown in popularity this year after popular SubReddit dramas r / wallstreetbets and Robinhood surfaced in January. Together, they pumped and lowered the prices of stocks that were shorting hedge funds like GameStop (GME) and AMC Entertainment (AMC).
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mango
According to Cointelegraph
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The Australian Securities and Investments Commission (ASIC) targets pump and dump groups on Telegram
The Australian Securities and Investments Commission (ASIC) monitors share price pump and dump groups on Telegram. There is a high probability that if these groups issue a suppression order, they will no longer be able to signal and conduct pumping and dumping games for these projects.
ASIC clears pools of pooling, pumping and dumping on Telegram
Earlier this week, an account called ASIC in the 300-strong Telegram group “ASX Pump Organization” posted a warning that “we are monitoring this platform and may investigate you”. The specific content of the warning message is as follows:
“Coordinated pumping of stock prices for profit is illegal. We can track all transactions and have access to merchants’ identities. […] They are at risk of legal enforcement, including paying fines in excess of $ 1 million and jail time. “
Many members of the group believe this account is fake. However, the ASIC side has confirmed the validity of this deleted notice to the newspaper The Australian.
While some members of the community laughed repetitively at ASIC’s news, others expressed frustration at being targeted instead of corporate and corporate traders.
“What ASIC needs to do is focus on monitoring insider trading companies and short sellers. You shouldn’t spend your precious time here pestering 300 retail investors who won’t go wrong with just sharing stock recommendations. That must be the greatest joke in history, “one member expressed his despair.
On September 23, ASIC warned of the involvement of social media groups involved in blatant pump-and-dump campaigns. They claim that many posts can mislead subscribers by implying that these activities are legitimate. They even imposed sentences of up to 15 years and fines of more than $ 1 million.
“ASIC has worked closely with market operators to identify and dismantle pump-and-dump campaigns. At the same time, we will continue to target behaviors that compromise market integrity. Of course there will be enforcement measures, ”said ASIC Commissioner Cathie Armor.
While ASIC isn’t specifically targeting crypto pump and dump pools, a regulator spokesman said:
“The campaign is targeting publicly traded stocks, but this message is also relevant to any other financial product, including cryptocurrencies or those related to financial products.”
“Even if the activities related to cryptocurrencies / products may not be a financial product within the meaning of the Commercial Act, pump and dump activities are still a matter of concern as they cause damage to investors and create unnecessary price volatility.”
Pump and dump groups have grown in popularity this year after popular SubReddit dramas r / wallstreetbets and Robinhood surfaced in January. Together, they pumped and lowered the prices of stocks that were shorting hedge funds like GameStop (GME) and AMC Entertainment (AMC).
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
mango
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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