Investment reports

Australian ABC refutes reports of partnership with crypto platform: report

Australian ABC rejects reports of partnership with crypto trading platform.

The Commonwealth Bank of Australia has warned of a fake article making the rounds on social media platforms alleging the country’s No.1 lender is partnering with a cryptocurrency trading platform to encourage people to invest in crypto assets.

The ABC called the article (https://www.commbank.com.au/articles/newsroom/2022/04/cryptocurrency-scam-warning.html) “totally untrue and untrue” last week, adding that he had reported it to the relevant authorities and asked social media publishers, including Facebook, to remove the article.

The report comes months after Australia’s richest man and chairman of the Fortescue Metals group, Andrew Forest, filed a lawsuit against Facebook owner Meta Platforms, alleging he breached anti-corruption laws. money laundering and used his image to promote cryptocurrency schemes.

Last month, Australia’s competition watchdog also filed a similar complaint against Meta with allegations of promoting fake cryptocurrency advertisements featuring well-known people.

The ABC added that it had warned Australians through its channels not to respond or click on the website if they received the alleged fake article.

He also alleged that the article was “designed to trick unsuspecting people into going to the scammer’s website and providing their details and money.”

Last year, CBA became Australia’s first high street bank to offer a platform for retail customers to trade cryptocurrency.