ASIC said it has noticed an increase in marketing recommending Australians to move from retail and industry superannuation funds to self-managed superannuation funds so that they can invest in a “high return” portfolio.

“Australians who decide to self-manage their super should consider the risks before using their SMSF to invest in crypto-assets. As the trustee of your SMSF, you ultimately bear responsibility for the fund’s decisions and for complying with the law even if you rely on other people’s advice – licensed or otherwise," it said.  

In November 2021, ASIC made moves to shut down unlicensed financial services business A One Multi Services Pty Ltd, located in Queensland. The Gold Coast–based company “appears to be engaging in unlawful activity, with ASIC alleging more than $2.4 million was transferred from A One Multi to buy crypto-assets”, the watchdog said.

ASIC obtained interim orders and injunctions from the Federal Court in Queensland against A One Multi and its directors Aryn Hala and Heidi Walters to protect investors. "Hala appears to represent to investors that he can help them invest their superannuation in an SMSF, and then loan the money in their SMSF to A One Multi. ASIC alleges that Hala told investors that they would receive annual investment returns of over 20 per cent,” it said in a statement yesterday.