Australia Revokes Registrations of 45 Crypto and Remittance Providers
- AUSTRAC canceled or suspended registrations for 45 businesses in the past year due to heightened scrutiny.
- Reasons included inactivity, insolvency, and failures to report significant changes related to money laundering risks.
- Highlighted cases include BA Digital Ventures (GetCoins), which faced customer complaints and alleged exploitation by scams.
- AUSTRAC has referred individuals from some canceled businesses to law enforcement agencies.
- An investigation into Western Union has been initiated, and Cryptolink’s crypto ATM network was suspended.
The actions taken by AUSTRAC reflect a rigorous approach towards regulating high-risk payment businesses in Australia, particularly those associated with cryptocurrency and remittance services.
As a result of these regulatory measures, businesses like GetCoins can no longer operate following their registration cancellations due to serious compliance failures. (Source)
