AUSTRAC Cancels 45 Crypto, Remittance Registrations in High-Risk Crackdown
Australia's financial intelligence regulator, AUSTRAC, has cracked down on high-risk payment businesses in the crypto and remittance space. Over the past year, AUSTRAC canceled, suspended or refused to renew 45 registrations.
The actions targeted inactive, insolvent or under-capacity providers that failed to report material changes or presented significant money laundering or terrorism financing risks.
AUSTRAC CEO Brendan Thomas said businesses whose registrations were canceled can no longer operate. Individuals connected to some businesses had been referred to Australian and overseas law enforcement or regulatory partners.
The regulator highlighted BA Digital Ventures, which traded as GetCoins, and its virtual asset registration cancellation in June following customer complaints.