AUSTRAC Cracks Down on 45 Cryptocurrency Firms Over High-Risk Activities
AUSTRAC, Australia's financial intelligence agency, has revoked or suspended the registration of 45 cryptocurrency and remittance service providers over the past year. The move is aimed at strengthening scrutiny on high-risk payment services.
The institutions had issues such as inactivity, insolvency, or lack of operational capacity, as well as failing to report significant changes or having incorrect registration information.
According to AUSTRAC CEO Brendan Thomas, companies whose registrations have been revoked cannot continue operating. Some individuals involved have been handed over to domestic and international law enforcement agencies for further action.
Notably, the virtual asset registration of BA Digital Ventures' GetCoins was canceled in June due to client complaints. It's alleged that the platform was used by organized groups for cryptocurrency investment scams, with AUSTRAC collaborating with the national anti-scam center on related actions.