AUSTRAC cancels, suspends or refuses renewal of 45 registrations

  • AUSTRAC canceled, suspended or refused to renew 45 crypto and remittance registrations.
  • AUSTRAC canceled GetCoins' registration on June 4 after complaints and an anti-scam review.
  • AUSTRAC suspended Cryptolink for three months, taking 96 cryptocurrency ATMs offline.

AUSTRAC canceled, suspended or refused to renew 45 crypto and remittance registrations over the past year, citing inactivity, insolvency, registration defects, reporting failures and unacceptable money-laundering or terrorism-financing risks. The regulator did not identify every affected business or disclose how many were virtual asset service providers rather than remittance companies, and the administrative measures do not establish that all 45 entities committed financial crimes. BA Digital Ventures, trading as GetCoins, lost its virtual asset service provider registration on June 4 after customer complaints prompted an anti-scam review. AUSTRAC said organized cryptocurrency investment scams allegedly exploited the platform, without accusing GetCoins or its directors of operating the schemes. Cryptolink's registration was suspended for three months from Aug. 9, taking its 96 cryptocurrency ATMs offline over reporting failures and an unanswered information request. The actions accompany wider scrutiny of Australian digital-asset businesses, including supervisory campaigns covering exchanges and crypto-to-cash providers. Australia's crypto travel rule began on July 1, while qualifying digital-asset businesses face a Sept. 30 deadline to apply for financial licences before temporary enforcement relief ends. AUSTRAC is also investigating Western Union Financial Services Australia and its U.S. parent over anti-money-laundering controls, transaction monitoring and governance.

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