AUSTRAC Revokes Registrations of 45 Crypto and Remittance Firms in One Year

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has canceled, suspended, or refused to renew the registrations of 45 cryptocurrency and remittance service providers over the past year to mitigate high-risk payment activities. Reasons for these actions include insolvency, operational failures, failure to report changes, and risks related to money laundering or terrorism financing. AUSTRAC CEO Brendan Thomas stated that affected firms must cease operations, and some cases have been referred to law enforcement.