Australia says it removed 45 crypto, remittance registrations over the past year
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Australia’s financial intelligence agency AUSTRAC canceled, suspended, or refused to renew 45 crypto and remittance registrations over the past year. These actions targeted businesses that were inactive, insolvent, lacked operational capacity, or posed significant money laundering or terrorism financing risks. AUSTRAC specifically highlighted the virtual asset provider GetCoins, whose registration cancellation helped disrupt organized crypto investment scams.
Why it matters
The actions demonstrate AUSTRAC’s efforts to tighten regulation and oversight of high-risk payment providers, aiming to protect users and reduce illicit financial activities. Disrupting organized scams through regulatory measures indicates a focus on increasing market integrity and security. The source does not provide further explanation on broader market or policy impacts.
Key context
AUSTRAC’s yearlong sweep included various registration actions: cancellations, suspensions, and refusals to renew. It also referred individuals connected to some businesses to law enforcement domestically and internationally. AUSTRAC’s public VASP register names some affected providers but does not clarify the full breakdown of the 45 cases by business type.
Key numbers and entities
The agency canceled, suspended, or refused renewal for 45 crypto and remittance registrations. AUSTRAC CEO Brendan Thomas commented on the enforcement. Named entities include GetCoins (BA Digital Ventures), Cryptolink, Self Custody, Jam Xchange, Coinsec Australia, and Western Union (under investigation). The National Anti-Scam Centre was involved in disrupting GetCoins-related scams.
What remains unclear
The source does not specify the exact breakdown between crypto and remittance providers among the 45 affected registrations. It also does not detail the full list of businesses or disclose the total scope of enforcement outcomes. Further information on ongoing investigations or follow-up regulatory steps is not provided.