Australia's financial intelligence agency, AUSTRAC, is urging inactive registered crypto exchanges to either resume operations or risk having their registrations revoked due to concerns about potential misuse by criminals. With 427 registered exchanges under scrutiny, AUSTRAC suspects a significant number are dormant and susceptible to exploitation. The agency is proactively reaching out to digital currency exchanges no longer trading, emphasizing the 'use it or lose it' policy. Businesses offering cash-to-crypto conversions must stay updated with AUSTRAC to combat money laundering and other illicit activities. AUSTRAC has already canceled registrations for ten firms since 2019, including FTX Express. By publishing a list of legitimate providers, AUSTRAC aims to enhance transparency and deter fraudulent activities. The regulatory push comes amidst ongoing investigations into compliance issues within the crypto industry in Australia, which is yet to establish comprehensive regulations. Read more AI-generated news on: https://app.chaingpt.org/news