AUSTRAC revokes 45 crypto and remittance registrations over the past year

According to Cointelegraph, Australia’s financial intelligence regulator AUSTRAC announced that it has cancelled, suspended, or refused to renew the registrations of 45 cryptocurrency and money remittance service providers over the past year. The action targets inactive, insolvent, or operationally unviable businesses, as well as entities posing money laundering or terrorism financing risks. AUSTRAC CEO Brendan Thomas stated that organizations whose registrations have been revoked are prohibited from continuing operations, and certain individuals involved have been referred to Australian and overseas law enforcement agencies. Among them, GetCoins (BA Digital Ventures) had its registration cancelled in June this year after being suspected of being exploited by organized crypto investment fraud schemes.