Crypto Crackdown: Australia Targets Dormant Exchanges

AUSTRAC Targets Dormant Crypto Exchanges Ahead of Election

• AUSTRAC is contacting inactive crypto exchanges to deregister or face cancellation.
• Registrations for FTX Express and AccE Australia were canceled due to inactivity or insolvency.
• The crackdown aims to protect consumers and curb criminal activities in the crypto space.
• AUSTRAC has identified 427 registered digital currency exchanges, many of which may be inactive.
• A public register will be launched for verifying legitimate cryptocurrency providers.

Australia’s financial watchdog, AUSTRAC, is urging inactive crypto exchanges to withdraw registrations voluntarily or face cancellation. This move, targeting 427 registered exchanges, aims to protect consumers and prevent criminal exploitation in the industry.