AUSTRAC Cancels 45 Crypto and Remittance Registrations Amid Regulatory Crackdown

Australia's financial intelligence regulator, AUSTRAC, has canceled, suspended or refused to renew 45 crypto and remittance registrations over the past year.

The move is part of a wider push to tighten oversight of high-risk payment businesses across the country.

The agency found that many of the removed businesses were inactive or insolvent, while others lacked the capacity to keep operating under the rules.

AUSTRAC CEO Brendan Thomas said any business that loses its registration can no longer legally operate, and individuals connected to some of these businesses have been referred to law enforcement partners in Australia and overseas.