Australia Cancels Registrations of 45 Crypto Firms Amid Money Laundering Concerns

Australia's AUSTRAC has removed 45 remittance and virtual asset businesses from its anti-money laundering registers over the past year, citing reasons such as dormancy, insolvency, registration failures, missed notifications, and money laundering or terrorism financing risks.

The regulator can refuse applications, impose registration conditions, suspend providers, or cancel registrations when it identifies unacceptable financial crime risks. It also acts when businesses cannot show enough capacity to start or continue trading.

AUSTRAC singled out BA Digital Ventures Pty Ltd, which traded as GetCoins, after complaints reached the National Anti-Scam Centre. The regulator then requested information about GetCoins' operations and its ability to manage money laundering risks.