ASIC aims to pump and render groups of telegrams

The Australian Securities and Investments Commission (ASIC) monitors pumping and dumping groups on Telegram.

On Monday, an account called “ASIC” in the “ASX Pump Organization” on Telegram posted a warning in front of 300 members of the group that “we are monitoring this platform and possibly investigating you.”:

“Coordinated pumping of stocks for profit can be illegal. We can see all transactions and have access to the identity of the merchant. […] You risk criminal records, including fines in excess of $ 1 million and jail time. “

Many members of the group claimed the account was fake, but ASIC confirmed the validity of the now-deleted notice to The Australian.

While some members of the community laughed at ASIC’s news, others vented their frustration that they were being targeted instead of corporations and corporate traders.

“What ASIC needs to do is keep an eye on the consortium within the trade and the short sellers, and not spend precious time pissing off 300 retail investors who did nothing wrong by sharing stock recommendations. That has to be the greatest joke in history, ”wrote one member.

On September 23, ASIC issued a warning of the “relevant trend” of social media groups engaging in “blatant” pumping and sales campaigns. It claims that “in some cases, posts on social networking forums can mislead subscribers by suggesting that the activity is legitimate” before facing jail sentences of up to 15 years and fines in excess of $ 1 million .

“ASIC has worked closely with market operators to identify and pause pumping and dumping campaigns, and we will continue to take action that threatens the integrity of the market.

However, ASIC does not specifically target crypto-based pumps and dumps, a regulator spokesman told Cointelegraph:

“The campaign is targeting publicly traded stocks, but the message is relevant to all financial products, including all crypto assets that may be or related to other financial products.

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