In order to address compliance issues in the digital currency industry, the Australian Transaction Reports and Analysis Centre ( AUSTRAC ) has taken regulatory action against 13 crypto companies.
The latest round of behavior is part of AUSTRAC’s year-long research into payments and online currency markets, which has identified over 50 more firms under investigation for possible violations, as per a Monday speech.
As part of its plan to manage Australia’s expanding blockchain industry, AUSTRAC has launched this onslaught.
The economic intelligence agency has canceled, suspended, or refused to renew the subscription of nine businesses that failed to meet Anti-Money Laundering and Counter-Terrorism Financing Act responsibility, according to AUSTRAC CEO Brendan Thomas.
Auasia Trading Pty Ltd, Amco Travelling and Exchange Pty, and Blue Star Exchange Pty Ltd are just a few of the companies listed.
According to Thomas,” AUSTRAC’s monitoring entities are the front lines of defence in detecting criminal activity,” they play a crucial role in identifying suspicious transactions and upholding the integrity of the American financial system.
AUSTRAC has also cancelled licenses for Currencyfair Australia Pty Ltd and Currencyfair Limited after the companies failed to comply with compliance requirements within the specified time frame.
106 companies have been subject to compliance reminders from AUSTRAC since January 2024, urging them to comply with them or experience additional governmental action.
With over 400 online currency exchanges and more than 5, 000 payment services already registered in Australia, AUSTRAC is flagging that businesses that fail to comply can expect major outcomes, including possible suspension or deregistration.
Following their delinquencies, Zipmex Australia Pty Ltd and FTX Express Pty Ltd were also expelled from the Digital Currency Exchange Register, illustrating how the controller is holding non-compliant companies guilty.
AUSTRAC will continue to address these issues through the Crypto Taskforce and is concerned about money laundering challenges in the DCE field in particular.
Australia’s bitcoin violence assault
The blockchain work force of AUTRAC expanded its operations to improve regulatory protection in the sector. It started out with addressing the risks associated with crypto ATMs.
In order to investigate the alleged mastermind behind the encrypted Ghost app used by organized crime syndicates, the Australian Federal Police ( AFP ) seized$ 6.4 million in crypto as part of Operation Kraken in October 2024.
A crime gang was charged with stealing from Melbourne’s bitcoin Machines on Monday by Victoria Police.
Police arrested four people after discovering an” Aladdin’s cave” of stolen goods, including trading accounts worth around$ 31, 800 and weapon.
The crypto industry was also under increased scrutiny by the Australian Securities and Investments Commission ( ASIC ), most recently bringing legal action against Binance Australia in December for declassifying retail clients and denying them consumer protection.
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