Australia crypto exchanges to request more transfer details from July

Crypto exchanges operating in Australia will begin collecting additional information on all incoming and outgoing crypto asset transfers from July 1 under an AUSTRAC-enforced Travel Rule requirement. The rule applies regardless of transfer size and requires locally compliant platforms to record the sender’s and recipient’s identity details, including the counterparty’s name and the exchange involved. Users transferring to self-custodial wallets must also confirm they control the destination address, though AUSTRAC has deferred formal reporting on unverified self-hosted wallets until March 2029. The measure is the final phase of an AML/CTF overhaul passed in November 2024, with most reforms already live since March. AUSTRAC has increased supervision of 27 local crypto exchanges and has flagged the sector as high risk for money laundering. Some platforms moved ahead of the deadline, with Kraken starting extra verification on private-wallet transfers for Australian clients on March 31. The July 1 start date coincides with key compliance milestones in Europe, where the EU’s Transfer of Funds regulation already requires full sender and recipient data on crypto transfers of any size and MiCA’s transition period ends the same day. The parallel rollout highlights broader convergence around the FATF Travel Rule standard, even as jurisdictions still differ on thresholds, with the United States reporting transfers from $3,000.