Australia Bans Adviser Over $9.6M Crypto Scam Amid Rising Regulatory Crackdown
ASIC bans adviser Glenda Rogan for 10 years after $9.6M crypto scam, highlighting Australia's growing crypto regulation efforts.
Australia’s financial watchdog has intensified its regulatory stance against crypto-related fraud with a landmark decision: banning financial adviser Glenda Maree Rogan for ten years. The Australian Securities and Investments Commission (ASIC) found that Rogan misappropriated AU$14.8 million (approximately US$9.6 million) of client funds, channeling them into a fraudulent crypto scheme known as The Financial Centre.
Between March 2022 and June 2023, Rogan advised clients under the Fincare group while also operating as an authorized representative of Private Wealth Pty Ltd. According to ASIC, she deceived investors by promising high-yield, fixed-interest accounts, only to convert their funds into cryptocurrency and transfer them to suspicious wallets associated with The Financial Centre—a blacklisted and unlicensed entity.
"ASIC found that Ms. Rogan did not comply with a financial services law by engaging in misleading or deceptive conduct," the commission stated, noting that her actions rendered her unfit to participate in the financial services industry.
The ban, effective since June 6, 2025, prevents Rogan from offering any financial services or controlling any such entity. Although she retains the right to appeal, ASIC's investigation continues, and affected clients are being encouraged to contact the Australian Financial Complaints Authority.
This crackdown is part of a broader campaign by Australian authorities to rein in crypto misuse. ASIC claims to have dismantled over 10,000 fraudulent investment websites—including 1,200 crypto scams—as of February. The agency also took action against Liang "Allan" Guo, a former executive of the collapsed crypto exchange ACX.io, which left users with millions in losses.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is also stepping up. It recently introduced new restrictions on crypto ATMs, capping transactions at AU$5,000 (US$3,250), requiring warning messages, and increasing KYC and anti-money laundering checks. AUSTRAC even revoked the license of ATM operator Harro’s Empire over misuse concerns.
Despite these measures, crypto adoption in Australia continues to expand. The country now hosts nearly 2,000 crypto ATMs, compared to just 23 in 2019, processing roughly 150,000 transactions annually—mostly by users over 50. Over 30% of Australians have owned or currently hold crypto assets, and another 14.3% are considering entry into the market.
The Rogan case underscores the dual reality facing regulators: fostering innovation while protecting investors from fraud in a rapidly evolving crypto landscape.
