Australia's financial intelligence agency, AUSTRAC, has canceled, suspended, or refused renewal of 45 cryptocurrency and remittance registrations over the past year, targeting services that are inactive, insolvent, or incapable of proper operation. The regulator said it is cracking down on non-compliant entities to protect the integrity of the financial system.
AUSTRAC CEO Brendan Thomas stated that businesses whose registrations are revoked must cease operations immediately. Some individuals involved have been referred to Australian and overseas law enforcement or regulatory cooperation agencies. Issues flagged include failure to report material changes, incorrect registration information, and significant money laundering or terrorist financing risks.
In a specific case, AUSTRAC noted that GetCoins, a brand under BA Digital Ventures, had its virtual asset service provider registration canceled in June following customer complaints. The agency said GetCoins is suspected of being exploited by organized cryptocurrency investment scams. The operation was carried out in collaboration with the National Anti-Scam Centre to help disrupt such activities.
AUSTRAC did not disclose the full list of 45 entities or break down the number of crypto versus remittance service providers. However, the public VASP register shows that recent actions also involve Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia. Additionally, AUSTRAC has launched an investigation into Western Union and suspended Cryptolink's cryptocurrency ATM network.