Australia’s financial intelligence agency, AUSTRAC, has asked dormant crypto exchanges to withdraw their registrations or risk having them canceled over fears they could be used to orchestrate elaborate scams. Over 400 crypto exchanges are registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). However, the agency suspects many of them are inactive and vulnerable to being acquired by criminals. The agency has reached out to digital currency exchanges (DCEs) that are no longer trading and will tell them to “use the license or lose it.” AUSTRAC CEO Brendan Thomas stated,
“Businesses registered with AUSTRAC are required to keep their details up to date; this includes details about services that are no longer provided.”
Any business that wishes to offer Australians conversions between cash and crypto, including crypto ATM providers, is required to register with AUSTRAC. The agency monitors crimes, including money laundering and tax evasion. The agency also has the authority to cancel registrations if it has reasonable grounds to believe the business is inactive or no longer offering crypto-related services. AUSTRAC has canceled the licenses of ten firms since 2019, the most recent being FTX Express.
The agency also plans to publish a list of registered exchanges to help Australians verify legitimate providers. According to Thomas, a registry of legitimate providers will make it difficult for malicious entities to scam people, and improve the accuracy of the agency’s register.
“If a DCE does intend to offer a service, they need to contact us otherwise we will cancel the registration, and this information will be added to the register. Members of the public should feel confident that they can identify legitimate cryptocurrency providers that are registered and subject to regulatory oversight and that we are driving criminals out of this industry.”
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