Australia says it removed 45 crypto, remittance registrations over the past year
Australia’s financial intelligence regulator, AUSTRAC, said it canceled, suspended, or refused to renew 45 crypto and remittance registrations over the past year as it increased scrutiny of high-risk payment firms. The actions targeted businesses that were inactive, insolvent, unable to operate, or had compliance failures such as not reporting material changes and holding incorrect registrations. AUSTRAC also said some firms posed significant money laundering or terrorism financing risks. CEO Brendan Thomas said canceled businesses can no longer operate and that some connected individuals were referred to domestic and overseas law enforcement or regulatory partners. One highlighted case was BA Digital Ventures, trading as GetCoins, whose virtual asset registration was canceled after customer complaints and alleged exploitation in organized crypto investment scams. AUSTRAC also named recent actions involving Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia, and has opened an investigation into Western Union.
