Australia removes 45 crypto and remittance registrations

• Australia has cancelled, suspended or refused to renew 45 crypto and remittance registrations over the past year.
• AUSTRAC says the actions targeted inactive businesses, reporting failures and firms facing higher money laundering risks.
• The regulator has also suspended Cryptolink’s 96-ATM network and cancelled GetCoins’ registration.

Australia has cancelled, suspended or refused to renew 45 crypto and remittance registrations over the past year.

The actions have removed the affected businesses from AUSTRAC’s official registers, preventing cancelled firms from continuing regulated services.

“The rapid movement of money across borders can create some of the highest ML/TF risks,” said AUSTRAC CEO Brendan Thomas.

AUSTRAC says some businesses were inactive or insolvent, while others had registration or reporting problems.

The regulator also cited significant money laundering and terrorism financing risks in some cases.

GetCoins lost its virtual asset registration after customer complaints and an investigation into its ability to manage money laundering risks.

AUSTRAC has also suspended Cryptolink’s registration for three months, stopping its 96 cryptocurrency ATMs from operating nationwide.