Australia’s Regulator Issues Warnings Against 50 Crypto Exchanges

Reading Time: < 1 minute

Australia’s Anti-Money Laundering regulator has taken action against 13 remittance service providers and crypto exchanges, with inquiries still ongoing for over 50 others related to potential compliance issues.

Brendan Thomas, CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC), stated on February 17 that the regulator denied registration renewals for six providers after discovering that key personnel were convicted, prosecuted, or charged with serious offenses, raising concerns about their honesty and integrity.

More than 50 other remittance providers and crypto exchanges received alerts—a precursor to potential regulatory measures—due to fears that these operators may not be adequately reporting suspicious activities and transactions. Thomas noted:

“The recent enforcement effort comes after AUSTRAC’s analysis revealed systemic non-reporting and under-reporting in the remittance and digital currency exchange sectors.”