EddieJayonCrypto
19 Feb 25
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has taken regulatory action against 13 crypto firms for compliance failures in the digital currency sector. This crackdown is part of AUSTRAC's efforts to regulate Australia's expanding crypto sector. The agency has canceled, suspended...
AUSTRAC has taken regulatory action against 13 crypto firms for compliance failures in the digital currency sector. This crackdown is part of AUSTRAC's efforts to regulate Australia's expanding crypto sector. The agency has canceled, suspended, or refused to renew the registration of nine firms that failed to meet Anti-Money Laundering and Counter-Terrorism Financing Act obligations. In addition, AUSTRAC has placed conditional registrations on two firms and issued compliance reminders to 106 entities.
The regulator is holding non-compliant businesses accountable and is concerned about money laundering risks in the digital currency exchange sector. The crypto task force has expanded its operations to enhance regulatory enforcement across the industry. The Australian Federal Police and Victoria Police have also been involved in seizing crypto and dismantling crime syndicates related to crypto ATMs. The Australian Securities and Investments Commission has increased its scrutiny of the crypto sector, taking legal action against Binance Australia for misclassifying retail clients and denying them consumer protection.