Australia’s financial intelligence regulator said it canceled, suspended or refused to renew 45 crypto and remittance registrations over the past year as it intensified scrutiny of high-risk payment businesses.
On Monday, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said the actions targeted providers that were inactive, insolvent or lacked the capacity to operate. It also cited failures to report material changes, incorrect registrations and cases presenting significant money laundering or terrorism financing risks.
AUSTRAC CEO Brendan Thomas said businesses whose registrations were canceled can no longer operate. He added that individuals connected to some businesses had been referred to Australian and overseas law enforcement or regulatory partners.
AUSTRAC highlighted BA Digital Ventures, which traded as GetCoins and had its virtual asset registration canceled in June following customer complaints. The regulator said GetCoins was allegedly exploited by organized cryptocurrency investment scams and that its cancellation, undertaken with the National Anti-Scam Centre, helped disrupt the activity.
The regulator did not name all 45 businesses or provide a breakdown between crypto and remittance providers. Its public VASP register lists recent actions involving GetCoins, Cryptolink, Self Custody, Jam Xchange and Coinsec Australia.
AUSTRAC has also opened an investigation into Western Union and suspended Cryptolink’s crypto ATM network.
Related: Australia poised for ‘inflection point’ of crypto demand — Kraken Aus MD
