45 Crypto Firms Removed from Australia's Registers Amid Money Laundering Concerns

Australia's financial crime regulator has taken drastic action against 45 crypto and money transfer firms, removing them from its registers over the past year.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) cited various reasons for the cancellations, including dormancy, insolvency, lack of operational capacity, and failure to notify changes in operations.

Some businesses were shut down due to a significant risk of money laundering or terrorism financing, with AUSTRAC's CEO Brendan Thomas stating that the rapid movement of money across borders creates high ML/TF risks.

Thomas emphasized the importance of understanding and managing risks, warning that failing to meet reporting obligations could result in businesses being unable to continue operating.

The action comes as part of a wider payments sweep, with AUSTRAC opening an investigation into Western Union and suspending Cryptolink in August, taking 96 crypto ATMs offline.