Scamwatch (Australian Competition and Consumer Commission)
Scam alert: Fake crypto trading platforms
Scamwatch says fake trading platforms ask for fees to release assets, and that the fees go to the scammers.
A request for a fee before you can withdraw is a pattern that Australian regulators describe in fake trading platforms. This page summarises two Scamwatch pages that describe it. Neither page mentions binary options, so they are used here as general descriptions of online trading scams. No firm is named or assessed.
The Fee to Release Your Money
On a scam alert dated 19 May 2026, Scamwatch states: "The platforms then ask for fees to release assets." It adds: "These fees also go straight to the scammers and no assets are released." The alert also says: "Any money deposited into these platforms goes to the scammers." In this description the fee is not a step towards getting money back; it is another payment to the scammer.
Pressure and Silence
On its investment scams page, published and last modified on 13 July 2026, Scamwatch states: "These scams will often pressure you to act quickly." It also describes what happens when you try to leave: "If you stop investing or want to withdraw your money, the scammer will stop contacting you." That matches the pattern in exit scam warning signs.
Numbers on the Screen
Scamwatch notes: "Scammers create fake data to make you think your investment is growing." A rising balance on a screen is therefore not proof that money exists to withdraw. Compare this with the early-withdrawal tactic described in the exit scam guide.
What Scamwatch Advises
The alert says: "Act quickly if something feels wrong." For practical steps, see how to report a binary options scam, binary options recovery scam warnings and binary options scam warning signs. To check a firm before paying, use how to check whether a broker is regulated.
Frequently Asked Questions
What does Scamwatch say about fees to release money?
The alert states: "The platforms then ask for fees to release assets."
Where do those fees go?
Scamwatch states: "These fees also go straight to the scammers and no assets are released."
Does Scamwatch mention binary options on these pages?
No. The pages reviewed describe fake trading and investment platforms in general, so this page applies them as general guidance only.
Does this page address whether an individual could face liability?
This page summarises what the regulators' published guidance says. It does not address whether an individual could face liability. Seek independent legal advice.
Sources and Official References
- Scamwatch: Scam alert: Fake crypto trading platforms (19 May 2026)
- Scamwatch: Investment scams (published and last modified 13 July 2026)
This page summarises what the regulators' published guidance says. It does not address whether an individual could face liability. Seek independent legal advice.
This page summarises what the regulators' published guidance says. It does not address whether an individual could face liability. Seek independent legal advice.