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Australia cancels, suspends 45 crypto and remittance registrations
AUSTRAC said it targeted providers that were inactive, insolvent, or unable to operate, and that canceled businesses can no longer operate.
Australia’s financial intelligence regulator, AUSTRAC, said it canceled, suspended, or refused to renew 45 crypto and remittance registrations over the past year as it increased scrutiny of higher-risk payment providers.
In its update, AUSTRAC said the actions were aimed at businesses that were inactive, insolvent, or lacked the capacity to operate, and it cited failures to report material changes, incorrect registrations, and cases posing significant money laundering or terrorism financing risks.
AUSTRAC CEO Brendan Thomas said businesses whose registrations were canceled can no longer operate, and that individuals connected to some businesses were referred to Australian and overseas law enforcement or regulatory partners.
AUSTRAC highlighted BA Digital Ventures, which traded as GetCoins, saying its virtual asset registration was canceled in June after customer complaints and that the step, taken with the National Anti-Scam Centre, helped disrupt alleged organized cryptocurrency investment scams. The regulator also said it opened an investigation into Western Union and suspended Cryptolink’s crypto ATM network.