Australia Scraps Licenses for 45 Crypto Firms Amid Money Laundering Concerns
Australia's financial intelligence regulator has cracked down on high-risk payment businesses in the past year. The Australian Transaction Reports and Analysis Centre (AUSTRAC) canceled, suspended or refused to renew 45 crypto and remittance registrations over this period.
The actions targeted providers that were inactive, insolvent or lacked the capacity to operate. AUSTRAC also cited failures to report material changes, incorrect registrations and cases presenting significant money laundering or terrorism financing risks.
According to AUSTRAC CEO Brendan Thomas, businesses whose registrations were canceled can no longer operate in the country. He added that individuals connected to some businesses had been referred to Australian and overseas law enforcement or regulatory partners.