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
#AUSTRAC reported that 9 companies, including Auasia Trading Pty Ltd, Amco Travelling and Exchange Pty, and Blue Star Exchange Pty Ltd, have had their registration revoked, suspended, or denied renewal for non-compliance with legal regulations. Two other companies, Currencyfair Australia Pty Ltd and Currencyfair Limited, were placed on a conditional registration list for failing to meet requirements within the stipulated time.
Additionally, Zipmex Australia Pty Ltd and FTX Express Pty Ltd have also been removed from the cryptocurrency exchange list after declaring bankruptcy, indicating that AUSTRAC does not tolerate non-compliant businesses.
Brendan Thomas, CEO of AUSTRAC, affirmed:
"Cryptocurrency exchanges are the first line of defense in detecting criminal activity. Non-compliance with regulations will have serious consequences."
A Series of Crypto Companies Are Under Investigation
Not only limited to these 13 companies, AUSTRAC has placed over 50 other companies under scrutiny due to suspected legal violations. Since January 2024, AUSTRAC has sent compliance warnings to 106 businesses, demanding rectification of violations to avoid facing stronger measures.
Australia currently has over 400 cryptocurrency exchanges and more than 5,000 money transfer service providers, prompting AUSTRAC to enhance strict controls to maintain the transparency and safety of the national financial system.
Crypto in Australia Is Under Strict Control
AUSTRAC is not the only agency tightening cryptocurrency regulations. The Australian Securities and Investments Commission (#asic ) also sued Binance Australia in December 2024, alleging that the platform misclassified retail customers and stripped away consumer protection rights.
In addition, the Australian Federal Police (AFP) seized $6.4 million in cryptocurrency in October 2024 during Operation Kraken, targeting criminal gangs using cryptocurrency for money laundering. Most recently, Victoria Police dismantled a criminal group specializing in stealing from crypto ATMs in Melbourne, seizing trading cards worth $31,800 and numerous weapons.
What Future Awaits the Crypto Industry in Australia?
With the Australian government's strong stance, the cryptocurrency sector in this country may face stricter regulations in the near future. Exchanges and crypto companies need to comply with strict regulations if they do not want to be excluded from the market.
⚠️ Risk Warning:
The crypto market poses high risks and can be exploited by criminals to carry out illegal activities. The information in the article is for reference only and does not constitute investment advice. Investors should conduct thorough research before participating to avoid legal and financial risks. #anhbacong