Australia Cracks Down on Inactive Crypto Trading Platforms

Australia’s financial intelligence agency, AUSTRAC, is urging digital currency exchanges (DCEs) that have ceased operations to willingly remove themselves from its registry. Failure to comply may result in cancellation.

DCEs, including those managing cryptocurrency ATMs, must register with AUSTRAC to legally exchange cash for cryptocurrency and vice versa. Currently, 427 DCEs are registered, but the agency is concerned many are inactive. AUSTRAC is reaching out to businesses it suspects are no longer in operation.

Brendan Thomas, AUSTRAC’s chief executive, warned that inactive registrations might be exploited by criminals for illicit activities. Businesses must keep their details current, including services they no longer provide, Thomas emphasized.