Australia's financial intelligence regulator, AUSTRAC, has canceled, suspended, or refused to renew 45 registrations for cryptocurrency and remittance providers over the last year. The agency intensified its scrutiny of high-risk payment businesses to maintain financial security.
The regulator targeted providers that were either inactive, insolvent, or lacked the capacity to operate. Other reasons for the removals include incorrect registrations, failures to report material changes, and risks associated with money laundering or terrorism financing.
AUSTRAC CEO Brendan Thomas stated that businesses with canceled registrations are now prohibited from operating. Some individuals linked to these companies have been referred to domestic and international law enforcement and regulatory partners.
The regulator specifically highlighted BA Digital Ventures, trading as GetCoins, which had its registration canceled in June after customer complaints. AUSTRAC, working with the National Anti-Scam Centre, noted that GetCoins was allegedly used by organized cryptocurrency investment scams.
AUSTRAC has not provided a full list of all 45 businesses or a breakdown between crypto and remittance services. However, its public VASP register lists recent actions against GetCoins, Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia.
The agency has also launched an investigation into Western Union and suspended the operations of Cryptolink's cryptocurrency ATM network.
