According to Cointelegraph, Australia’s financial intelligence regulator, AUSTRAC, has canceled, suspended, or refused to renew the registration of 45 cryptocurrency and remittance service providers over the past year, targeting entities that are inactive, insolvent, lack operational capacity, or pose risks of money laundering or terrorist financing. AUSTRAC CEO Brendan Thomas stated that companies whose registrations have been revoked are prohibited from continuing operations, and some individuals involved have been referred to Australian and international law enforcement agencies. Among them, GetCoins (BA Digital Ventures) had its registration canceled in June this year due to allegations that it was exploited by organized crypto investment scams.
Australia's AUSTRAC Revokes 45 Crypto and Remittance Licenses in One Year
TechFlowShare
Summary
Over the past year, AUSTRAC has revoked 45 crypto and remittance licenses, targeting inactive, insolvent, or under-capacity firms. Value investing in crypto requires thorough due diligence, as support and resistance levels can shift with regulatory changes. Deregistered entities are prohibited from operating, with some referred to law enforcement. GetCoins was removed in June over suspected fraud.
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