Crypto Exchanges Warning AUSTRAC Issues Alert

AUSTRAC Targets Inactive Crypto Exchanges for Deregistration

• AUSTRAC is focusing on inactive digital asset exchanges in Australia.
• A significant proportion of the 427 registered exchanges are inactive.
• The agency urges voluntary withdrawal of registrations to avoid forced cancellation.
• The crackdown aims to prevent criminal exploitation of these inactive exchanges.

AUSTRAC is urging inactive digital asset exchanges, which make up a significant portion of the 427 registered in Australia, to withdraw their registrations voluntarily or face cancellation. This action seeks to prevent potential criminal activities associated with these dormant platforms.