AUSTRAC Cancels 45 Crypto and Remittance Registrations in Yearlong Crackdown

Australia's financial intelligence agency, AUSTRAC, has canceled, suspended, or refused to renew 45 crypto and remittance provider registrations over the past 12 months, the regulator announced Monday. The sweep targeted businesses that were inactive, insolvent, or deemed unfit to operate, with AUSTRAC citing failures to report material changes, incorrect registrations, and significant money laundering or terrorism financing risks among the reasons for action.

AUSTRAC CEO Brendan Thomas confirmed that businesses whose registrations were canceled can no longer legally operate, and that individuals connected to certain firms have been referred to Australian and overseas law enforcement partners. Among the high-profile cases was BA Digital Ventures, which operated as GetCoins and had its virtual asset registration revoked in June following customer complaints. AUSTRAC said GetCoins was allegedly exploited by organized cryptocurrency investment scams, and its cancellation, carried out in coordination with the National Anti-Scam Centre, helped disrupt those operations.

The regulator's public VASP register lists recent enforcement actions involving GetCoins, Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia. AUSTRAC has separately opened an investigation into Western Union and suspended Cryptolink's crypto ATM network. The agency did not disclose the full list of 45 affected businesses or provide a breakdown between crypto and remittance providers, though the action signals heightened regulatory pressure on Australia's digital asset sector as it prepares for what industry players have described as a potential inflection point in crypto demand.