Australia Cracks Down on Non-Compliant Crypto Firms

Australia's financial regulator has issued warnings to crypto firms that they may face fines of up to 10% of their turnover if they fail to comply with regulations. The Australian Securities and Investments Commission (ASIC) has been cracking down on non-compliant digital asset businesses in the country.

Recently, the FBI and the Australian Federal Police dismantled an international cybercriminal network that laundered millions in cryptocurrencies through darknet forums. Two young men from Australia were involved in the scheme, which highlights the need for stricter regulations in the industry.

Nexo has taken steps to expand its user liquidity options by rolling out regulated crypto-collateral credit in Australia. The company obtained the Credit Representative designation and launched regulated credit lines under the national consumer credit protection law.