Australia's financial intelligence agency AUSTRAC has canceled, suspended, or refused renewal for 45 cryptocurrency and remittance service providers over the past year in a bid to tighten oversight of high-risk payment businesses. The affected firms faced issues such as inactivity, insolvency, lack of operational capacity, failure to report material changes, and significant money laundering or terrorism financing risks. AUSTRAC CEO Brendan Thomas stated that canceled registrations cannot continue operations, with some individuals referred to domestic and international law enforcement. Notably, BA Digital Ventures, operating as GetCoins, had its virtual asset registration canceled in June due to customer complaints, allegedly exploited by organized crypto investment fraud, in collaboration with the National Anti-Scam Centre. The public VASP register also lists recent actions against Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia. Additionally, AUSTRAC has launched an investigation into Western Union and suspended Cryptolink's cryptocurrency ATM network.
Australia's financial intelligence agency AUSTRAC has canceled, suspended, or refused to renew the registration of 45 cryptocurrency and remittance service providers over the past year, stepping up scrutiny of high-risk payment businesses. The agency cited issues including inactivity, insolvency, and lack of operational capacity among the affected firms, as well as failures to report material changes, inaccurate registration information, and significant money laundering or terrorism financing risks.
AUSTRAC CEO Brendan Thomas said that companies whose registrations are canceled cannot continue operating, and that some individuals involved have been referred to domestic and international law enforcement or regulatory bodies. AUSTRAC specifically highlighted BA Digital Ventures, which operated under the name GetCoins. Its virtual asset registration was canceled in June after customer complaints; the platform is alleged to have been exploited by organized cryptocurrency investment fraud. The action was taken in cooperation with the National Anti-Scam Centre.
The public VASP register also lists recent dispositions involving Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia. In addition, AUSTRAC has launched an investigation into Western Union and suspended Cryptolink's cryptocurrency ATM network.
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