Australia cancels 45 crypto and remittance registrations in regulatory sweep

crypto and remittance registrations — Australia’s financial intelligence regulator has canceled, suspended, or refused to renew 45 registrations for cryptocurrency and remittance providers over the past year as part of a crackdown on high-risk payment businesses.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) said the actions targeted firms that were inactive, insolvent, or lacked operational capacity. The regulator also cited failures to report material changes, incorrect registrations, and significant money laundering or terrorism financing risks.

AUSTRAC CEO Brendan Thomas stated that businesses whose registrations were canceled can no longer operate. He added that individuals connected to some of these businesses have been referred to Australian and overseas law enforcement agencies.

The regulator highlighted the case of BA Digital Ventures, trading as GetCoins, which had its virtual asset registration canceled in June following customer complaints. AUSTRAC said GetCoins was allegedly exploited by organized cryptocurrency investment scams, and its cancellation helped disrupt that activity.