Australia's financial intelligence regulator has removed 45 crypto and remittance service registrations over the past year as it intensifies oversight of high-risk payment businesses.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced the actions on Monday, targeting providers that were inactive, insolvent, or lacked operational capacity. The regulator cited failures to report material changes, incorrect registrations, and cases presenting significant money laundering or terrorism financing risks.
AUSTRAC CEO Brendan Thomas stated that businesses whose registrations were canceled can no longer operate. He noted that individuals connected to some businesses had been referred to Australian and overseas law enforcement or regulatory partners.
GetCoins Action Highlights Enforcement Priorities
AUSTRAC highlighted the case of BA Digital Ventures, which operated as GetCoins. The company's virtual asset registration was canceled in June following customer complaints. The regulator said GetCoins was allegedly exploited by organized cryptocurrency investment scams. The cancellation, undertaken with the National Anti-Scam Centre, helped disrupt the fraudulent activity.
The regulator's public VASP register lists recent actions involving GetCoins, Cryptolink, Self Custody, Jam Xchange and Coinsec Australia. AUSTRAC has also opened an investigation into Western Union and suspended Cryptolink's crypto ATM network.
The regulator did not name all 45 businesses or provide a breakdown between crypto and remittance providers.
