TLDR
- AUSTRAC canceled, suspended or refused to renew 45 crypto and remittance registrations over the past year.
- The regulator targeted businesses that were inactive, insolvent or unable to operate properly.
- GetCoins had its virtual asset registration canceled in June after customer complaints and alleged scam exploitation.
- Some individuals tied to the removed businesses were referred to law enforcement partners in Australia and overseas.
- AUSTRAC also opened an investigation into Western Union and suspended Cryptolink’s crypto ATM network.
Australia’s financial intelligence regulator has canceled, suspended or refused to renew 45 crypto and remittance registrations over the past year. The move is part of a wider push to tighten oversight of high risk payment businesses across the country.
The Australian Transaction Reports and Analysis Centre, known as AUSTRAC, announced the sweep on Monday. The agency said many of the removed businesses were inactive or insolvent.
Others simply lacked the capacity to keep operating under the rules. AUSTRAC also pointed to failures to report material changes in business operations.
Some registrations were incorrect from the start. Other cases involved risks tied to money laundering or terrorism financing.
What AUSTRAC Found
AUSTRAC CEO Brendan Thomas said any business that loses its registration can no longer legally operate. He said the agency has also referred individuals connected to some of these businesses to law enforcement.
Those referrals went to both Australian authorities and overseas regulatory partners. Thomas did not say how many people were referred or which countries were involved.
One case stood out in AUSTRAC’s announcement. BA Digital Ventures, which traded under the name GetCoins, had its virtual asset registration canceled in June.
The cancellation followed customer complaints about the platform. AUSTRAC said GetCoins was allegedly used by organized cryptocurrency investment scams to move funds.
The regulator worked with Australia’s National Anti-Scam Centre on the GetCoins case. Officials said the joint action helped disrupt the scam activity linked to the platform.
Other Businesses Named in the Register
AUSTRAC did not release the full list of all 45 businesses affected. It also did not break down how many were crypto providers versus remittance services.
The agency’s public virtual asset service provider register does list some of the businesses involved. These include Cryptolink, Self Custody, Jam Xchange and Coinsec Australia alongside GetCoins.
Cryptolink faced a separate action tied to its crypto ATM network. AUSTRAC suspended that network as part of its broader enforcement efforts.
The regulator is also looking beyond crypto platforms. AUSTRAC recently opened an investigation into Western Union, a major remittance company operating in Australia.
Details of that investigation have not been made public. AUSTRAC has not said when it expects the probe to conclude.
The actions reflect a pattern of closer scrutiny on payment businesses handling crypto and cross border money transfers. AUSTRAC has framed the effort as protecting Australians from scams and financial crime.
The regulator said it will continue reviewing registrations across the sector. Businesses that fail to meet reporting or operational standards could face further cancellations in the months ahead.
