AUSTRAC Takes Down 45 Crypto Firms for Inactivity and Money Laundering Concerns
Australia's financial intelligence regulator, AUSTRAC, has taken action against 45 cryptocurrency and remittance businesses, canceling, suspending or refusing to renew their registrations over the past year.
The move is aimed at tightening oversight of the crypto sector, with AUSTRAC targeting businesses that were inactive, insolvent or unable to begin or continue operating. Other cases involved incorrect registrations, failures to report material changes or elevated money laundering and terrorism financing risks.
GetCoins, a virtual asset service provider, had its registration canceled after customer complaints emerged of alleged exploitation by organized cryptocurrency investment scams. The regulator worked with Australia's National Anti-Scam Centre to assess the company's ability to manage its money laundering exposure.