Australia's top financial watchdog has warned people against investing retirement funds into crypto
Australians who manage their superannuation funds against dabbling in cryptocurrencies.
The ASIC has registered an uptick in marketing campaigns that specifically target SMSF trustees on social media, urging investors to exercise caution: An SMSF gives people complete control over their retirement savings, which allows them to make unorthodox investing decisions by putting money into stamps, art and crypto.Moreover, managing your superannuation fund comes with additional risks given that fraud victims will not be compensated.
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