Odaily Planet Daily reports that over the past year, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has canceled, suspended, or refused to renew 45 registrations for cryptocurrency and remittance businesses, targeting service providers that are inactive, insolvent, or incapable of operating.
Brendan Thomas, CEO of AUSTRAC, stated that businesses whose registration has been canceled must not continue operations; some related individuals have been referred to Australian and international law enforcement or regulatory partners. Other issues include failure to report significant changes, incorrect registration information, and significant risks of money laundering or terrorist financing.
AUSTRAC stated that the registration of GetCoins, a brand under BA Digital Ventures, was canceled in June due to customer complaints. The agency noted that GetCoins was allegedly exploited by organized cryptocurrency investment scams, and this action was taken in collaboration with the National Anti-Scam Centre to help disrupt these activities.
AUSTRAC has not disclosed the full list of 45 companies, nor has it revealed the number of entities classified as cryptocurrency and remittance service providers. The public VASP register shows that the recent action also involved Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia; AUSTRAC has also launched an investigation into Western Union and suspended Cryptolink’s cryptocurrency ATM network. (Cointelegraph)