Australia's financial regulator AUSTRAC is taking decisive action to clean up the country's cryptocurrency sector. The agency is cracking down on inactive Digital Currency Exchanges (DCEs) and warns that these dormant platforms may be hijacked by criminals for money laundering or fraud.

AUSTRAC believes that a significant portion of the 427 registered DCEs have ceased operations. To address this issue, the agency is urging these dormant exchanges to voluntarily deregister. If they do not comply, AUSTRAC will begin revoking their licenses to prevent potential abuse.

AUSTRAC CEO Brendan Thomas emphasized the risks posed by inactive registrations, noting that they can easily be exploited by criminals, undermining the security of the financial system.

Public register increases transparency

To support consumer protection, AUSTRAC will soon release a public list of active and deregistered exchanges. This move aims to help Australians verify the legitimacy of cryptocurrency platforms and avoid potential scams.

The register is part of a broader initiative to enhance industry transparency. AUSTRAC hopes to build trust and accountability within the industry by providing clear information to the public.

As part of a larger regulatory reform

This latest initiative aligns with Australia's broader strategy to strengthen regulation in the cryptocurrency industry. In recent months, AUSTRAC has taken enforcement actions against several cryptocurrency companies that failed to meet compliance standards.

Meanwhile, the Australian Securities and Investments Commission (ASIC) is proposing new rules requiring cryptocurrency companies to obtain an Australian Financial Services License (AFSL), further integrating cryptocurrency regulation into the country's financial regulatory framework.

By removing inactive participants and implementing stricter rules, Australia is demonstrating its commitment to creating a safer and more transparent cryptocurrency market. Regulators are determined to protect consumer rights and ensure that only responsible, compliant businesses can operate in this rapidly evolving space.
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