Key facts
- AUSTRAC canceled, suspended, or refused to renew 45 crypto and remittance registrations in the past year.
- The regulator targeted businesses that were inactive, insolvent, or lacked operational capacity.
- Failures to report changes and significant money laundering or terrorism financing risks were cited.
- GetCoins' registration was canceled in June, with AUSTRAC alleging it was used for organized crypto investment scams.
- AUSTRAC has also investigated Western Union and suspended Cryptolink's crypto ATM network.
Australia's financial intelligence regulator, AUSTRAC, has canceled, suspended, or refused to renew 45 registrations for cryptocurrency and remittance businesses over the past year as part of an intensified crackdown on high-risk payment providers. The actions were taken against businesses that were inactive, insolvent, or failed to meet operational and reporting requirements, including those posing significant money laundering or terrorism financing risks.
AUSTRAC CEO Brendan Thomas stated that businesses with canceled registrations are no longer permitted to operate. He also indicated that individuals connected to some of these firms have been referred to law enforcement agencies both domestically and internationally.
Among the targeted entities was BA Digital Ventures, which operated as GetCoins. Its virtual asset registration was canceled in June following customer complaints, with AUSTRAC alleging that the platform was exploited by organized cryptocurrency investment scams. The regulator collaborated with the National Anti-Scam Centre to disrupt these fraudulent activities.
While AUSTRAC did not name all 45 businesses or provide a specific breakdown between crypto and remittance providers, its public register of virtual asset service providers lists recent actions against GetCoins, Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia. Additionally, AUSTRAC has initiated an investigation into Western Union and suspended the crypto ATM network operated by Cryptolink.