This week, regulators around the world turned up the heat on crypto exchanges—shutting down scams, delisting apps, and launching federal investigations.
In Australia, authorities began dismantling 95 companies allegedly linked to pig butchering scams—fraud schemes that use long-term deception and crypto transactions to defraud victims.
South Korean regulators followed with the removal of 31 unregistered crypto exchange apps from Google and Apple stores, reinforcing strict compliance requirements for foreign operators.
And in the US, the Department of Homeland Security’s El Dorado Task Force is reportedly investigating Anchorage Digital, the country’s only federally chartered crypto bank.
The message is clear: regulatory oversight is accelerating. For crypto businesses and compliance teams, staying informed—and prepared—is more important than ever.
ASIC shuts down 95 firms linked to pig butchering crypto scams
Australia’s federal securities regulator, the Australian Securities and Investments Commission (ASIC), has been granted court approval to shut down 95 companies allegedly involved in pig butchering crypto scams.
The Federal Court approved the action on April 8, 2025, following ASIC’s investigation into a surge of these long-form fraud schemes, which pose as legitimate businesses to gain victims’ trust before draining their assets.
ASIC’s Deputy Chairperson, Sarah Court, cautioned that companies engaging in pig butchering and other scams were like hydras: taking down one could result in two replacing it.
She added that “this action has shut these companies down and protects consumers from entities with no proper management or control, including some that were associated with potentially fraudulent activity.”
Why this matters
The action ASIC has taken is another sign to crypto exchanges and criminals alike that Australian authorities take the responsibility of protecting the public from crypto scams, including pig butchering, very seriously. ASIC and its counterpart AUSTRAC have taken commendable steps over time, but Ms. Court’s warning is clear: more businesses exploiting crypto for scams are likely to emerge—and vigilance remains essential.
Learn more about this story at Coingape.
South Korea pulls 31 unregistered crypto apps in regulatory sweep
South Korea’s top financial regulator has ordered the removal of 31 unregistered crypto exchange apps from Google Play and the Apple App Store, including major platforms KuCoin and MEXC. Google removed 17 apps on March 25, while Apple delisted 14 on April 11, 2025.
Authorities took the action against what they called “unreported foreign virtual asset operators” that had not been registered with the Financial Intelligence Unit (FIU), before selling products and services to South Korean users – an explicit violation of the country’s regulatory requirements.
The crackdown highlights the FSC’s growing impatience with foreign crypto businesses exchanges that bypass local laws. It follows similar actions against 16 non-compliant offshore businesses in 2022, and a further six in 2023.
Under South Korean law, operating without proper registration can result in prison sentences of up to five years or fines of up to 50 million won ($36,000). The country is also mulling the expansion of its crypto task force to fight crypto-based financial crime.
Why this matters
The FSC moves show that South Korea is determined to protect its citizens and its financial ecosystem from unregistered foreign exchanges. It’s also worth noting that the regulator extended its warning to the users of unregistered platforms, not just the platforms themselves/
South Korea continues to send a strong signal: authorities mean business when it comes to regulation. Any foreign entities hoping to tap into the country’s markets must be diligent about achieving compliance with its laws, or risk enforcement action.
Learn more about this story at Decrypt.
US Department of Homeland Security Task Force reported to be investigating Anchorage Digital Bank
The US Department of Homeland Security’s (DHS) El Dorado Task Force is probing Anchorage Digital Bank, according to a report by Barrons which says the task force has been in touch with former employees about the company’s policies and practices..
Anchorage Digital, founded in 2017, became the only federally chartered crypto bank in the US in 2021 when it received its ‘national trust bank charter’ from the Office of the Comptroller (OCC). However, the OCC found against the firm in April 2022 for inadequate anti-money laundering controls and non-compliance with the Bank Secrecy Act. Anchorage Digital recovered to report assets under management worth over $50 billion in 2024.
A spokesperson for the crypto bank challenged the validity of the report, saying that it “had no information about the nature of the inquiry nor its targets, both of which are currently unspecified.” He added that the bank would comply with authorities on any reasonable inquiries into its activities.
Why this matters
Although the details of the report are currently disputed, it is noteworthy that the DHS would appoint the El Dorado Task Force, a dedicated unit that specializes in international money laundering investigations and works at national, state, and local levels, to lead the inquiry.
Crypto firms and their compliance teams should follow this unfolding story closely and be alert to how seriously the DHS takes financial crime in digital banking with crypto.
Learn more about this story at Cointelegraph.
