Australia's financial intelligence regulator AUSTRAC announced on September 7 that it canceled, suspended or refused to renew 45 remittance and virtual asset provider registrations over the past year.
Among those actions was the cancellation of GetCoins, a virtual asset service provider operating under the name BA Digital Ventures Pty Ltd. AUSTRAC dated the cancellation to June 4, 2026, three months before the public announcement.
AUSTRAC linked the GetCoins cancellation to disruption of alleged cryptocurrency investment scams. The regulator said it worked with the National Anti-Scam Centre following customer complaints about the provider. AUSTRAC requested information from GetCoins about its operations to assess its ability to manage money laundering risks.
The regulator determined that GetCoins was allegedly exploited by organized cryptocurrency investment scams. AUSTRAC stated that its coordination with the anti-scam center and the cancellation helped disrupt organized investment scam activity.
AUSTRAC did not disclose any customer recoveries or criminal findings against GetCoins, instead describing the alleged exploitation without establishing that the provider organized the scams itself.
Registration as Market Access Control
Businesses providing digital currency exchange or virtual asset services in Australia must be registered with AUSTRAC. Losing that registration removes permission to operate those services.
AUSTRAC can refuse, suspend, or cancel registration if it considers a business an unacceptable risk for money laundering, terrorism financing, or other serious crimes. The regulator cited various grounds for the 45 actions, including insufficient operational capacity, dormant businesses, insolvency, and inadequate compliance with registration requirements.
