Australia is escalating its scrutiny of cryptocurrency and remittance businesses. Australia’s Financial Transaction Reports and Analysis Centre (AUSTRAC) has canceled, suspended or refused to renew the registrations of 45 remittance and virtual asset service providers (VASPs) over the past year.
AUSTRAC has now removed such businesses from its registers which means companies whose registrations have been canceled can no longer operate.
AUSTRAC CEO Brendan Thomas said the regulator was especially concerned about the risks created by fast money transfers across borders. He said businesses operating in these sectors must understand and manage their money laundering and terrorism financing risks or lose their ability to operate.
Over the past year, we’ve cancelled, suspended or refused the renewal of 45 remittance & VASP registrations. Our message to industry is clear: understand, manage your risks, and meet your reporting obligations to continue operating.
Read more https://t.co/GQdqbFMdB6 pic.twitter.com/bSjaSQH2fQ
— AUSTRAC (@AUSTRAC) September 7, 2026
The businesses targeted by AUSTRAC included companies that lacked the operational capacity to begin or continue trading, were dormant or inactive, had not provided designated services for long periods or had become insolvent.
Businesses that did not hold the correct registration, failed to report important changes to AUSTRAC or were considered to present significant money laundering or terrorism financing risks were also targeted. In some cases, AUSTRAC referred individuals connected with the businesses to Australian and overseas law enforcement or regulatory authorities.
One case involved BA Digital Ventures Pty Ltd, trading as GetCoins. AUSTRAC worked with the National Anti-Scam Centre after receiving complaints from customers. The regulator requested information about the company’s operations and its ability to manage money laundering risks.
AUSTRAC subsequently cancelled GetCoins’ registration. The regulator said the virtual asset service provider had allegedly been exploited by organised cryptocurrency investment scams.
The joint action was aimed at disrupting organised investment scam activity linked to the business. The latest enforcement actions form part of a wider increase in scrutiny of Australia’s crypto and payments industry.
In August, AUSTRAC suspended the registration of crypto ATM operator Cryptolink Pty Ltd for three months, beginning August 9. The suspension required the company to take its 96 cryptocurrency ATMs offline. Cryptolink allows customers to exchange cash for cryptocurrency through its ATM network.
AUSTRAC said it remained concerned about Cryptolink’s ability to manage high-risk transactions through its crypto ATMs. The regulator also issued the company an A$56,340 infringement notice, which Cryptolink later paid.
The regulator has also begun an investigation into Western Union, adding another major name to its recent enforcement activity in the payments and remittance sector.
AUSTRAC’s actions reflect growing concern about the use of financial and crypto services in money laundering, terrorism financing and other serious crimes.
The regulator says its approach is not simply about punishing individual businesses. It also wants to make clear that registration comes with responsibilities.
Companies operating in the sector are expected to have appropriate systems in place to identify and manage financial crime risks and meet their reporting obligations.
Thomas said AUSTRAC was proactively identifying and removing businesses that did not meet the expectations of Australia’s registration regime.
He also stressed that financial crime does not stop at national borders. AUSTRAC works with domestic and international partners because funds can move rapidly between countries and across different financial systems. The crypto industry is facing increasing regulatory attention in many markets as digital assets become more widely used.
For Australia, the focus is particularly strong on businesses that provide access to cryptocurrency, cash and cross-border payments. These services can offer legitimate financial products, but regulators also see them as potential channels for criminals to move funds.
The action against GetCoins illustrates that concern. According to AUSTRAC, the business was allegedly exploited by organised investment scams, making it a potential link in a wider criminal operation.
The suspension of Cryptolink shows another area of concern: crypto ATMs. These machines allow users to convert cash into cryptocurrency and can therefore present additional monitoring challenges when large or unusual transactions take place. AUSTRAC’s latest actions send a clear message to other crypto businesses operating in Australia.
Registration is not simply a formality. Companies must continue meeting the regulator’s requirements after obtaining approval and must be able to demonstrate that they are managing financial crime risks properly.
Businesses that become inactive, fail to maintain the required systems or present significant risks can lose their registration and their ability to operate.
For the Australian crypto industry, the latest enforcement wave is another reminder that regulatory compliance is becoming an increasingly important part of running a digital asset business.
AUSTRAC’s message is straightforward: companies that want to remain in the market must understand their risks, meet their reporting duties and maintain effective controls. Those that fail to do so could find themselves removed from the financial system altogether.
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