Nauticus CEO says 'regulation is the only way to protect against scams'

Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following two offers if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
10-day money back guarantee*
Canadian Insider Ad-Free
$49/ year*
All benefits of basic registration
No 3rd party display ads
10-day money back guarantee*

* Price is subject to applicable taxes. Money back guarantee: For bona fide Ad-Free or Canadian Insider Club subscribers, if you downgrade to Basic or cancel with-in 10 days of first subscribing, we will refund your payment upon request. Immediately after downgrading or cancelling, using the same email that is associated with your account, request a refund via our Contact Us form at the bottom of the page. We will only consider one refund request per household or organization. We cannot accommodate refund requests where an account holder has not provided verifiable address and billing information.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Apr 16, 2019 02:13 am
MELBOURNE, Australia -- 

THE GREAT Financial Crisis of 2008 came about through poor regulation of financial institutions, as multinational banks traded ever more complex financial derivatives.

Ironically, the fallout from the GFC spawned Bitcoin - created by those dissatisfied with the existing financial order. But the subsequent lack of regulations surrounding digital currencies has led many to disaster.

"Poor regulation enables corruption to flourish," explains Nauticus CEO Bryan Ng. "We've seen pyramid and ponzi schemes like BitConnect - which promised interest of 1% a day - along with various ICO exit scams.

"Unregulated exchanges are often hacked or shut up shop without returning users funds. In the EU in January alone, almost 700 scams netted $50 million in a single month," he said.

The international response is divided between countries that allow a free for all, and those that impose draconian bans. A handful of countries, including Switzerland, Malta and Australia, have embraced well designed regulations that encourage innovation while protecting users.

Melbourne's Nauticus Exchange is a digital financial marketplace offering 17 currencies and AUD. The founders have prioritised building a solid foundation of security and compliance for their globally focused business. This will be key as the company moves into securities trading, FOREX and international remittances.

This focus on ethics and compliance will be no surprise to anyone who has met Ng, a licensed accountant (CPA) who runs accounting firm First Accountants.

Chief Operating Officer Jonathan Chang is a former ANZ banker with extensive experience in Anti Money Laundering and Counter Terrorism Financing regulations.

"Verifying every user helps fight corruption and criminality, and not only protects the business but protects our users themselves from fraudulent practices," he said.

Nauticus is registered with the Australian Government's AUSTRAC as a Digital Currency Exchange and an Independent Remittance Dealer. Headquartered in Melbourne, the company is a registered representative of an Australian Financial Services Licensee enabling it to tokenize assets in the form of STOs. An application is in progress to allow the company to launch trading in securities.

Ng said his ambition is to provide users in developing countries - often beset by corruption and high inflation - with access to a reliable and trustworthy international financial platform. The Nauticus vision is to provide everyone, everywhere with low cost, borderless financial transactions.


Andrew Fenton

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to (via Easy Blurb).