Cointree fined AUD 75,000 for failing to submit reports

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AI Summary

Cointree was fined for failing to submit regulatory reports in a timely manner and may face stricter regulation in the future. This incident shows the importance of compliance to cryptocurrency exchanges and may affect their operations.

According to Deep Tide TechFlow, on May 18, the Australian Transaction Reports and Analysis Centre (AUSTRAC) fined the cryptocurrency exchange Cointree AUD 75,000, approximately USD 50,000. The reason was the failure to submit necessary regulatory reports in a timely manner. AUSTRAC warned that if Cointree continues to violate compliance requirements, it will face stricter regulatory measures.

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Cointree fined AUD 75,000 for failing to submit reports

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