Crypto Industry Files Complaint Against Australia’s ABC Over Bitcoin Article

The Australian Bitcoin Industry Body has formally lodged a complaint against the Australian Broadcasting Corporation (ABC) regarding an article that it claims presents “factually inaccurate and misleading” information about Bitcoin. This complaint highlights the growing tension between the expanding Australian cryptocurrency sector and traditional media coverage.

Key Takeaways

The Australian Bitcoin Industry Body (ABIB) has filed a complaint against ABC over an article that misrepresents Bitcoin.
The ABC article primarily characterized Bitcoin as a tool for money laundering, overlooking its legitimate uses.
Australia’s adoption of cryptocurrencies is growing rapidly, with a notable increase from 28% in 2024 to 31% in 2025.
The complaint cites multiple breaches of the ABC's editorial policies by focusing on negative aspects of Bitcoin.
Regulatory changes are underway in Australia to better govern the digital asset market, emphasizing innovation and protection.

Crypto Industry Files Complaint Against Australia's ABC Over Bitcoin Article

Main Content

The Australian Bitcoin Industry Body (ABIB) has taken a stand against the Australian Broadcasting Corporation (ABC) by filing a formal complaint. The body claims that ABC's coverage of Bitcoin is “factually inaccurate and misleading,” intensifying friction between Australia's expanding cryptocurrency market and established media outlets.

The focus of the complaint is an ABC article that depicted Bitcoin mainly as a means for money laundering, neglecting to mention its valuable applications, such as energy stabilization, humanitarian remittances, and sovereign reserves.

Notably, Australia's rate of cryptocurrency adoption is on the rise, having surpassed the United States. The recent State of Crypto 2025 report by a16z states that Australia's adoption rate reached 31% in 2025, a jump from 28% in 2024, which ranks the country among the most cryptocurrency-engaged demographics globally.

Additional Image Related to the ABC Complaint

ABIB has expressed that many of its members frequently voice concerns about how Bitcoin is misrepresented by the media, especially by publicly funded organizations that are obligated to provide accurate journalism.

Specific Policy Breaches Cited by ABIB

In their complaint, ABIB has highlighted specific statements from the article they believe contravene ABC's editorial standards and code of conduct.

The complaint emphasizes the one-sided portrayal of Bitcoin as synonymous with criminal activities, while failing to acknowledge the widely known legitimate uses of the cryptocurrency.

The ABC piece, authored by chief business correspondent Ian Verrender, categorized Bitcoin as having “no useful purpose” and labeled money laundering as its "last useful business."

The article's focus on Bitcoin's price fluctuations, which dropped from $126,000 to below $90,000, further emphasized its alleged shortcomings.

ABIB responded by asserting that the article relied on outdated stereotypes centered on price volatility and U.S. political issues, urging ABC to amend its coverage and include expert insights in future reports.

Regulatory Changes in Australia's Digital Asset Sector

The backdrop of this dispute includes significant shifts in the regulatory landscape concerning digital assets in Australia.

In November, Treasurer Jim Chalmers and Financial Services Minister Daniel Mulino proposed the Corporations Amendment (Digital Assets Framework) Bill 2025, which aims to establish a comprehensive regulatory framework for companies managing cryptocurrencies on behalf of customers.

The ministers affirmed their commitment to taking Australia’s cryptocurrency industry seriously, noting that blockchain and digital assets offer significant opportunities for economic growth and enhancement of financial services.

These proposed reforms could lead to annual productivity gains of approximately $24 billion while ensuring better protection for Australians who trust their digital assets to private platforms.

Under this new bill, cryptocurrency exchanges and custody providers will be required to obtain an Australian Financial Services License and will come under the supervision of the Australian Securities and Investments Commission (ASIC).

This regulatory framework introduces two new license categories: one for digital asset platforms and another for tokenized custody platforms. Firms holding these licenses will have to adhere to ASIC standards regarding transactions, settlement processes, and asset custody.

Balancing Innovation with Investor Protection

ASIC has also taken steps to clarify regulations related to digital assets while encouraging industry growth.

In October, the regulator recognized stablecoins, wrapped tokens, tokenized securities, and digital asset wallets as financial products, requiring that service providers obtain licenses and offering an eight-month transition period until June 30, 2026.

ASIC Commissioner Alan Kirkland remarked that “distributed ledger technology and tokenization are reshaping global finance,” and emphasized that this guidance should help firms innovate with confidence.

ASIC Chair Joe Longo cautioned that unless Australia adapts, it risks falling behind in global markets influenced by blockchain-driven tokenization, which could lead to a “land of missed opportunity.”

He highlighted that J.P. Morgan has indicated its money market funds will be fully tokenized within two years.

Australia is experiencing a significant surge in institutional engagement with cryptocurrencies; since 2021, the exposure of self-managed superannuation funds has increased sevenfold, now totaling A$1.7 billion.

This growing interest in digital assets has drawn in major players, with Coinbase set to launch a specialized SMSF service and over 500 investors on its waiting list, while OKX introduced a similar offering in June that exceeded expectations.

The new regulatory framework will include an 18-month grace period before the licensing requirements take effect, with small operators handling less than A$10 million in annual transactions being exempt from these rules.

For those who fail to comply with the regulations, previous legislation has proposed penalties of up to 10% of annual turnover for rule violations, alongside fines that could reach A$16.5 million, or three times any benefits gained from the misleading conduct.