ASIC Warns Unlicensed Australian Crypto Firms: 10% Turnover Fines After Sept. 30 Deadline

Australia's corporate regulator has issued a final warning to cryptocurrency companies operating without proper authorization, stating that firms could face penalties of up to 10% of their annual turnover if they fail to secure licensing by September 30. The Australian Securities and Investments Commission (ASIC) announced that businesses requiring an Australian Financial Services license must submit applications or modify existing licenses before the deadline. Firms in need of market or clearing and settlement licenses must also notify the regulator and complete a pre-application meeting.

Beginning October 1, companies that require authorization but fail to meet the conditions of ASIC's no-action position could be operating in breach of financial services law, exposing them to both civil and criminal penalties. The transition relief, originally set to expire June 30, was extended in June when ASIC broadened its scope to include crypto businesses operating as authorized representatives of licensed firms or through certain intermediary arrangements. Since updating its guidance in October 2025, ASIC has recorded more than 45 digital asset-related license applications, up from approximately 30 in June.

The enforcement timeline is separate from Australia's broader Digital Asset Framework, which is scheduled to take effect on April 9, 2027. ASIC's intensified stance comes amid broader regulatory scrutiny of the country's crypto sector. In a related enforcement action, Australian authorities recently ordered Cryptolink Bitcoin ATMs offline over what regulators described as "basic reporting" failures, signaling that compliance expectations extend across the full range of digital asset services.

With the September 30 deadline now weeks away, crypto firms still reliant on temporary relief face a critical decision point. ASIC has signaled that it will not extend the no-action position further, making the coming weeks the final window for companies to align with Australia's evolving regulatory landscape or risk significant financial and legal consequences.