Australia Cracks Down on High-Risk Crypto Firms with 45 Suspended Registrations

Australia's financial intelligence regulator, AUSTRAC, has cracked down on high-risk payment businesses by canceling or suspending the registrations of 45 crypto and remittance providers over the past year.

The sweep included registrations that were canceled, suspended, or unrenewed due to inactivity, insolvency, or a lack of operational capacity. AUSTRAC also targeted firms that failed to report material changes, had incorrect registrations, or presented significant money laundering or terrorism financing risks.

AUSTRAC CEO Brendan Thomas stated that businesses whose registrations were canceled can no longer operate. The regulator has referred individuals connected to some businesses to Australian and overseas law enforcement or regulatory partners.

The actions against GetCoins, a virtual asset registration holder, helped disrupt organized cryptocurrency investment scams. AUSTRAC highlighted BA Digital Ventures' alleged involvement in the scam and its subsequent cancellation of the company's registration in June.