Australia Takes Enforcement Action Against 45 Crypto and Remittance Businesses

Australia's financial regulator, AUSTRAC, has taken enforcement action against 45 virtual asset and remittance businesses over the past year. The move reflects a tightening of oversight on payment operators with elevated money-laundering and terrorism-financing risks.

Of these, some were cancelled or suspended for failing to report key changes, having errors in their registration information, or posing significant risks. Others had become insolvent or lacked the capacity to conduct business properly.

AUSTRAC CEO Brendan Thomas explained that businesses whose registrations have been cancelled are no longer permitted to operate in the relevant sectors. Information on certain individuals associated with these entities has also been shared with Australian and overseas law enforcement and regulatory authorities.

One high-profile case involved BA Digital Ventures, operating under the name 'GetCoins', which had its virtual asset service provider registration cancelled in June after customer complaints were lodged. AUSTRAC determined that GetCoins had been exploited in an organized crypto investment scam and has been coordinating with the National Anti-Scam Centre in its response.