Australia Removes 45 Crypto Providers From Anti-Money Laundering Registers

Australia's AUSTRAC has removed 45 remittance and virtual asset businesses from its anti-money laundering registers over the past year. This decision is immediate, meaning a canceled registration stops a provider from operating covered services.

The reasons for cancellation ranged from dormancy and insolvency to registration failures and money laundering or terrorism financing risk. In some cases, individuals behind these providers were referred to law enforcement and regulatory partners in Australia and overseas.

AUSTRAC singled out BA Digital Ventures Pty Ltd, trading as GetCoins, after customer complaints reached the National Anti-Scam Centre. The regulator requested information to assess GetCoins' ability to manage money laundering risk.