Australian regulator cancels 45 crypto and remittance registrations over past year
Australia’s financial intelligence regulator has revoked or suspended dozens of digital asset and remittance licenses, signaling tighter enforcement against money laundering and investment scams in the sector.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has canceled, suspended, or refused to renew 45 cryptocurrency and remittance registrations over the past year. The financial intelligence regulator intensified its scrutiny of high-risk payment businesses to address compliance failures and financial crime risks.
AUSTRAC stated that the enforcement actions targeted providers that were inactive, insolvent, or lacked the operational capacity to function legally. The regulator also cited failures to report material changes, incorrect registrations, and significant money laundering or terrorism financing risks as primary drivers for the revocations.
Businesses that have had their registrations canceled are no longer permitted to operate in Australia. AUSTRAC CEO Brendan Thomas noted that individuals connected to some of these entities have been referred to domestic and overseas law enforcement or regulatory partners.
The regulator highlighted BA Digital Ventures, which traded as GetCoins, as a prominent example of this enforcement. Its virtual asset registration was canceled in June following customer complaints, as the platform was allegedly exploited by organized cryptocurrency investment scams.
This cancellation was undertaken in collaboration with the National Anti-Scam Centre to help disrupt fraudulent activity. While AUSTRAC did not provide a full breakdown of the 45 businesses or separate the crypto and remittance providers, its public virtual asset service provider register lists recent actions involving several firms.
Alongside GetCoins, the register indicates recent regulatory actions against Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia. In a related move, AUSTRAC has suspended Cryptolink’s crypto ATM network.
The regulator has also opened a formal investigation into Western Union. This broader sweep signals to investors and market participants that Australian authorities are actively weeding out non-compliant actors to protect the integrity of the financial system.
For the cryptocurrency and remittance sectors, the message is clear that operational inertia or weak anti-financial crime controls will result in immediate market exit. Companies must now prioritize rigorous compliance frameworks to maintain their licenses and avoid referral to law enforcement.
