AUSTRAC Cancels Registrations for 45 Crypto, Remittance Firms Amid Money-Laundering Concerns
Australia's financial intelligence agency, AUSTRAC, has taken strict measures against virtual-asset and remittance businesses that pose elevated money-laundering and terrorism-financing risks. Over the past year, AUSTRAC canceled, suspended or refused to renew the registrations of 45 such businesses.
The targeted firms were deemed insolvent, lacked operational capacity, or failed to report major changes, among other issues. As a result, companies like GetCoins, Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia have seen their virtual-asset service provider registrations canceled or suspended.
AUSTRAC's actions were aimed at preventing illicit activities and protecting the integrity of the financial system. The agency has also opened an investigation into Western Union and suspended Cryptolink's crypto ATM network operations.