Australia’s financial watchdog, AUSTRAC, has fined Melbourne-based crypto exchange Cointree $75,120 for failing to submit suspicious activity reports (SMRs) on time. These reports are crucial tools for detecting criminal transactions like money laundering or terrorism financing. Cointree self-reported the delays and is now working to fix its systems, which softened the regulator’s response. AUSTRAC emphasized that such reports must be filed within strict deadlines to allow authorities to act quickly. The fine comes amid a broader crackdown on crypto platforms in Australia, with AUSTRAC targeting vulnerabilities such as anonymous trading and rapid global transfers. The agency has already taken enforcement action against 13 exchanges and warned over 50 others. The push aligns with Australia’s goal to modernize crypto regulation, recently appointing Andrew Charlton to boost oversight in the digital economy.
Conclusion:
AUSTRAC’s action signals a stronger stance on crypto compliance, highlighting the importance of timely reporting and responsible platform governance.
Takeaways:
Cointree fined $75,120 for delayed SMRs.
AUSTRAC stresses urgency in reporting suspicious crypto activity.
Australia intensifies regulatory oversight of crypto exchanges.
Cointree’s cooperation reduced the severity of penalties.
Source: Decrypt
