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      AUSTRAC Revokes Registrations of 45 Cryptocurrency and Remittance Providers in Australia

      Australia's financial intelligence agency, AUSTRAC, has revoked, suspended, or refused to renew the registrations of 45 cryptocurrency and remittance service providers over the past year. This action aims to enhance scrutiny of high-risk payment businesses. The affected institutions faced various issues, including inactivity, insolvency, and operational deficiencies, as well as failures to report significant changes and risks related to money laundering and terrorism financing.

      AUSTRAC's CEO, Brendan Thomas, emphasized that businesses whose registrations have been canceled are prohibited from continuing operations. Some individuals associated with these businesses have been referred to both domestic and international law enforcement and regulatory agencies. Notably, BA Digital Ventures, operating under the name GetCoins, had its virtual asset registration canceled in June following customer complaints related to organized cryptocurrency investment scams. This action was taken in collaboration with the national anti-fraud center.

      The agency's public registration list also reflects recent cancellations of institutions such as Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia. In addition, AUSTRAC has initiated an investigation into Western Union and has suspended the cryptocurrency ATM network operated by Cryptolink. These measures underscore AUSTRAC's commitment to regulating the cryptocurrency sector and mitigating associated risks.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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