AUSTRAC said its yearlong sweep included canceled, suspended and unrenewed registrations, while its action against GetCoins helped disrupt organized investment scams.
Australia’s financial intelligence regulator said it canceled, suspended or refused to renew 45 crypto and remittance registrations over the past year as it intensified scrutiny of high-risk payment businesses.
On Monday, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said the actions targeted providers that were inactive, insolvent or lacked the capacity to operate. It also cited failures to report material changes, incorrect registrations and cases presenting significant money laundering or terrorism financing risks.
AUSTRAC CEO Brendan Thomas said businesses whose registrations were canceled can no longer operate. He added that individuals connected to some businesses had been referred to Australian and overseas law enforcement or regulatory partners.
