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The Australian regulatory authority tightens oversight on inactive cryptocurrency trading platforms and calls for license withdrawals
Cryptocurrency trading platforms in Australia are facing increased scrutiny from the Australian Transaction Reports and Analysis Centre (AUSTRAC), which announced that a large number of registered platforms — currently numbering 427 — appear to be inactive.
The authority has urged these platforms to voluntarily withdraw their registration, or they will be subject to mandatory cancellation, noting that inactive accounts could be exploited for illegal activities such as money laundering and fraud.
Brendan Thomas, the CEO of the authority, confirmed that maintaining updated records is crucial for consumer protection and ensuring the integrity of the sector.
He noted that AUSTRAC intends to launch a publicly searchable register that will enable the public to verify the regulatory status of the platforms.
These actions are part of a broader campaign launched by the authority since February, which included interventions against 13 companies and investigations with more than 50 others for failing to comply with suspicious transaction reporting requirements.
The authority also emphasized the risks of cryptocurrencies concerning money laundering and smuggling, and has established new controls targeting ATMs associated with these assets.
#AustraliaCrypto
#AUSTRAC #crypto
Cryptocurrency trading platforms in Australia are facing increased scrutiny from the Australian Transaction Reports and Analysis Centre (AUSTRAC), which announced that a large number of registered platforms — currently numbering 427 — appear to be inactive.
The authority has urged these platforms to voluntarily withdraw their registration, or they will be subject to mandatory cancellation, noting that inactive accounts could be exploited for illegal activities such as money laundering and fraud.
Brendan Thomas, the CEO of the authority, confirmed that maintaining updated records is crucial for consumer protection and ensuring the integrity of the sector.
He noted that AUSTRAC intends to launch a publicly searchable register that will enable the public to verify the regulatory status of the platforms.
These actions are part of a broader campaign launched by the authority since February, which included interventions against 13 companies and investigations with more than 50 others for failing to comply with suspicious transaction reporting requirements.
The authority also emphasized the risks of cryptocurrencies concerning money laundering and smuggling, and has established new controls targeting ATMs associated with these assets.
#AustraliaCrypto
#AUSTRAC #crypto
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Australia Cracks Down on Crypto: 13 Companies Punished for Violations
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has just launched a strong crackdown on the cryptocurrency sector, targeting 13 crypto companies for violating anti-money laundering and terrorism financing regulations. This is the result of a year-long investigation aimed at tightening control over digital asset exchanges in Australia.
A Series of Crypto Companies Have Been Suspended or Have Their Licenses Revoked
A Series of Crypto Companies Have Been Suspended or Have Their Licenses Revoked
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Crypto ATMs in Australia Under Close Scrutiny: Where is the Dirty Money Flowing?
On March 29, 2025, Australia's financial crime agency (AUSTRAC) issued a stern warning to cryptocurrency ATM providers, having detected that many machines may be exploited for money laundering and fraud. With over 1,648 crypto ATMs in Australia – the highest number in the Asia-Pacific region, will this move clean up the market or push the crypto industry into a difficult situation?
AUSTRAC Detects "Concerning Signs"
AUSTRAC Detects "Concerning Signs"
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