AUSTRAC, the Australian Transaction Reports and Analysis Centre, has cracked down on the local digital finance landscape. Over the past year, the Australian financial intelligence agency cancelled, suspended, or refused renewal for 45 crypto and remittance business registrations.
The regulatory action targeted service providers that were inactive, bankrupt, or deemed no longer capable of operating effectively. AUSTRAC also targeted entities that failed to report material changes to their ownership structure, as well as firms posing money laundering and terrorism financing risks. The regulator did not provide a breakdown of the exact split between crypto trading platforms and remittance services among the 45 penalized entities.
Scam Syndicate Behind Customer Complaints
One of the most notable registration cancellations involved BA Digital Ventures, an entity operating retail services under the trading name GetCoins. The company’s virtual asset registration was cancelled in June after the regulator received a wave of customer complaints. Investigations uncovered evidence that the GetCoins platform had been exploited by an organized crypto investment scam syndicate.
The shutdown of GetCoins was not executed by AUSTRAC alone. The agency partnered with the National Anti-Scam Centre during the enforcement action, a cross-agency collaboration that succeeded in disrupting operations and dismantling the investment scam network.
From Crypto ATM Networks to Legacy Players
The enforcement list extended well beyond the GetCoins case. Other digital asset service providers, including Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia, were also swept up in the wave of registration cancellations. The regulator even took physical enforcement measures by shutting down all operations across Cryptolink’s network of crypto ATMs. Beyond the crypto sector, AUSTRAC also revealed that it has launched a formal investigation into international remittance network Western Union.
Cases Referred to Law Enforcement
For key actors behind the troubled entities, losing their operating license is only the first step. AUSTRAC CEO Brendan Thomas confirmed that individuals linked to the operations of several deregistered businesses have now been referred directly to law enforcement. Criminal referrals were not only handed over to Australian police forces, but also involved international law enforcement agencies. Ultimately, holding official registration offers no shield when service infrastructure is utilized as a conduit for financial crime.
Reported via Cointelegraph.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
