Australia's AUSTRAC Cancels 45 Crypto and Remittance Registrations

Australia's financial intelligence regulator, AUSTRAC, has taken action against 45 crypto and remittance registrations over the past year. The cancellations, suspensions, and unrenewed registrations targeted providers that were inactive, insolvent, or lacked the capacity to operate.

The actions also included failures to report material changes, incorrect registrations, and cases presenting significant money laundering or terrorism financing risks.

AUSTRAC CEO Brendan Thomas said businesses whose registrations were canceled can no longer operate. He added that individuals connected to some businesses had been referred to Australian and overseas law enforcement or regulatory partners.

The regulator highlighted BA Digital Ventures, which traded as GetCoins and had its virtual asset registration canceled in June following customer complaints.