How to check a crypto platform

This domain once hosted a directory of crypto exchanges. Today we take a different approach: we do not rank, rate or recommend platforms, because choosing one depends on your circumstances and because we are not licensed to give financial advice. What we can do is show you how to check any platform yourself, using free official tools.

Step 1: Check AUSTRAC registration

Businesses that exchange crypto for money, and certain other virtual asset services, must be registered with AUSTRAC, Australia's financial intelligence agency. AUSTRAC publishes a virtual asset service provider register.

• Search for the exact business name and the trading name you know.
• Check the registration is current, not refused, cancelled or suspended.
• Watch for lookalike names: scammers copy real brands.

Registration is an anti-money laundering requirement, not an endorsement or a guarantee.

Step 2: Check ASIC's investor alert list

Moneysmart publishes an investor alert list of entities ASIC has concerns about, such as those that may be unlicensed or operating scams. Search the platform's name and website address. If it appears, do not deal with it. Absence from the list proves nothing; scammers create new websites constantly.

Step 3: Check licensing

Under the Corporations Amendment (Digital Assets Framework) Act 2026, digital asset platforms and tokenised custody platforms will need an Australian financial services licence once the framework commences, scheduled for April 2027. Some platforms offering financial products, such as derivatives, may already need a licence. You can search ASIC's professional registers for a licence number. Read crypto regulation in Australia.

Step 4: Check dispute resolution

Is the business a member of the Australian Financial Complaints Authority (AFCA)? AFCA offers free, independent dispute resolution for members' customers. Many crypto businesses are not currently members. Check AFCA's website.

Step 5: Understand custody

• Does the platform hold your crypto, or do you?
• Does it say how customer assets are held and whether they are kept separate from company funds?
• Does it lend out or stake customer crypto?
• Can you withdraw to your own wallet, and what are the limits?

Step 6: Understand fees and products

Look for clear disclosure of trading fees, spreads (the gap between buy and sell prices), deposit and withdrawal fees and network fees. Be wary of complex products such as leverage, derivatives and high-yield "earn" programs.

Step 7: Check who they are

A legitimate Australian business should show its company name, ABN or ACN and contact details. You can search ABN Lookup and ASIC's company register. Be suspicious of platforms that only offer chat support or that contacted you first.

Warning signs

• You were contacted out of the blue or introduced via social media or a chat group.
• Guaranteed returns or "risk-free" trading.
• Withdrawals require fees or tax payments first.
• No verifiable company details.
• Pressure, secrecy or urgency.
• The site name is slightly different from a well-known brand.

Questions to ask the platform

• What is your full legal name, ABN and AUSTRAC registration?
• Do you hold an Australian financial services licence, or are you applying under the new framework?
• Are you an AFCA member?
• How do you hold customer assets, and are they kept separate from your own?
• Do you lend, stake or rehypothecate customer assets?
• What are all the fees, including spreads and withdrawal fees?
• What happens to my assets if you stop operating?

Clear, written answers are a good sign. Evasive answers, pressure or claims that regulation "does not apply to us" are not. Keep copies of everything, including screenshots of terms when you sign up.

The bottom line

These checks take minutes and can save a fortune. They cannot make crypto safe, but they can help you avoid fake and unregistered platforms. If anything does not add up, walk away.