AUSTRAC removes 45 crypto and remittance firms from registers

AUSTRAC has cancelled, suspended, or refused to renew the registrations of 45 remittance and virtual asset service providers (VASPs) over the past year. The regulatory actions were prompted by various risks, including insolvency, dormancy, failure to report material changes, and exposure to money laundering or terrorism financing.

Among the affected entities, BA Digital Ventures Pty Ltd, operating as GetCoins, had its registration cancelled following investigations by AUSTRAC and the National Anti-Scam Centre. The company was allegedly exploited by organized cryptocurrency investment scams.

In addition to these removals, AUSTRAC has launched an investigation into Western Union and taken action to suspend the Cryptolink cryptocurrency ATM network. AUSTRAC Chief Executive Brendan Thomas stated that the agency will continue to proactively remove businesses that fail to meet reporting obligations or pose significant financial crime risks.