AUSTRAC cancels 45 crypto and remittance licences in a year
AUSTRAC action summary
Australia’s financial intelligence regulator, AUSTRAC, announced that it has cancelled, suspended or refused to renew the registrations of 45 crypto‑related and remittance businesses over the past year. The move is part of a broader effort to tighten oversight of high‑risk payment services.
Key points
- 45 registrations were removed – including both crypto asset providers and remittance services.
- Targets were inactive, insolvent, or unable to meet regulatory requirements.
- Failures to report material changes and risks of money‑laundering or terrorism financing were cited.
- GetCoins (BA Digital Ventures) had its registration cancelled after complaints and alleged involvement in organized investment scams.
- AUSTRAC also opened an investigation into Western Union and suspended Cryptolink’s crypto‑ATM network.
Official statement
AUSTRAC chief Brendan Thomas said that businesses whose registrations were cancelled can no longer operate. He added that individuals linked to some of the firms have been referred to Australian and overseas law‑enforcement partners.
What is confirmed
- AUSTRAC removed 45 registrations in total.
- The actions covered both virtual‑asset service providers (VASPs) and remittance operators.
- GetCoins’ registration was cancelled in June after customer complaints.
- AUSTRAC is cooperating with the National Anti‑Scam Centre on the GetCoins case.
- Investigations into Western Union and a suspension of Cryptolink’s crypto‑ATM network have been announced.
What is still unclear
- The regulator did not publish a full list of the 45 businesses.
- No breakdown was given between crypto‑only and remittance‑only providers.
Why it matters
By removing licences from inactive or high‑risk firms, AUSTRAC aims to reduce the chance of money‑laundering and terrorism financing through crypto and remittance channels. The actions also signal tighter regulatory scrutiny for businesses that handle digital assets.
Next steps
AUSTRAC will continue its investigations, including the ongoing probe of Western Union and the suspended Cryptolink network. The regulator may take further enforcement actions against other providers that fail to meet compliance standards.
