AUSTRAC Cancels Registration of Cryptocurrency Provider GetCoins Amid Scam Allegations

Australia's financial intelligence regulator AUSTRAC has canceled the registration of cryptocurrency provider GetCoins, citing alleged exploitation by organized investment scams. The regulator worked with the National Anti-Scam Centre on the case after receiving customer complaints.

GetCoins' registration was canceled on June 4, three months before AUSTRAC's September announcement. The company, trading as BA Digital Ventures Pty Ltd, was allegedly involved in cryptocurrency investment scams.

AUSTRAC said it had assessed GetCoins' ability to manage money laundering risks and requested information about the provider's operations. However, no customer recoveries or criminal findings were disclosed against the company.