Australia says it removed 45 crypto, remittance registrations over the past year
Australia's financial regulator AUSTRAC removed 45 cryptocurrency and remittance service registrations over the past year, targeting providers deemed inactive, insolvent, or high-risk for money laundering and terrorism financing. The enforcement action included canceling GetCoins' registration in June following its alleged exploitation by organized investment scams.
Why It Matters
This regulatory crackdown reflects intensified global scrutiny of cryptocurrency and remittance providers operating outside compliance frameworks, particularly as regulators grapple with using these platforms for financial crime and scam operations.
Key Facts
- Registrations removed: 45 crypto and remittance provider registrations canceled, suspended, or unrenewed
- Notable case: BA Digital Ventures (GetCoins) registration canceled in June 2024
- AUSTRAC role: Australian Transaction Reports and Analysis Centre oversees virtual asset service provider registration
- Enforcement basis: Inactivity, insolvency, lack of operational capacity, unreported changes, and financial crime risks
- Related investigations: AUSTRAC opened investigation into Western Union and suspended Cryptolink's crypto ATM network
Australia's financial intelligence authority has intensified its regulatory enforcement against cryptocurrency and remittance service providers, moving to deactivate 45 business registrations over a twelve-month period. The Australian Transaction Reports and Analysis Centre (AUSTRAC) cited multiple grounds for these actions, including businesses operating without active status or adequate financial stability, failure to disclose material operational changes, and presenting elevated risks associated with money laundering and terrorism financing activities.
The regulator's enforcement actions carry significant consequences for affected businesses and their operators. When AUSTRAC cancels a registration, the company loses authorization to operate. The agency has also referred individuals connected to certain businesses to law enforcement and regulatory partners in Australia and internationally, signaling coordination across jurisdictions. While AUSTRAC did not publicly identify all 45 businesses, its register shows recent enforcement actions against entities including GetCoins, Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia.
A particularly notable enforcement case involved GetCoins, operated by BA Digital Ventures, whose virtual asset registration was canceled in June following customer complaints. AUSTRAC determined that the platform had been exploited by organized groups operating investment scams targeting consumers. The regulator coordinated with Australia's National Anti-Scam Centre on the cancellation, demonstrating a collaborative approach to disrupting scam operations that leverage cryptocurrency platforms.
Beyond the mass registration removal, AUSTRAC has initiated investigations into additional providers and taken targeted action. The regulator suspended Cryptolink's cryptocurrency ATM network while opening a formal investigation into Western Union's operations. These actions underscore the agency's expanding scrutiny of payment businesses operating in high-risk categories, reflecting broader global regulatory trends around cryptocurrency market oversight and consumer protection.
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