In summary
Australia’s financial control agency has warned inactive cryptocurrency companies “use them or pint them,” warning that you will cancel records as part of a wide offensive to protect consumers and stop criminal activity.
The Australian Report and Transactions Analysis Center (Austrac) indicated that it is contacting digital currency exchanges (DCE) that seem inactive, urging them to voluntarily withdraw their records or face cancellation, according to a recently published statement.
The Austrac CEO Brendan Thomas, said in the statement that these companies raise a “high risk” of being “co -opted” by criminals due to the legitimacy associated with the Austrac record.
“Our intelligence shows that cryptocurrencies can be exploited by criminals for money laundering, scams and money mule activities, and we are seeing too many people falling victims of scams involving digital currency,” Thomas said.
Austrac has 427 DCE registered, but believes that many are no longer operating, according to the statement.
The financial control agency plans to publish online cancellations and launch a public registry to help customers verify legitimate suppliers.
“Public members should feel sure they can identify legitimate cryptocurrency suppliers that are registered and subject to regulatory supervision,” said Austrac CEO, promising to “expel criminals in this industry.”
Several companies, including FTX Express PTY LTD, ACCE Australia PTY LTD and OAKS PAYMENTS PTY LTD, have already seen their records canceled in recent years after being inactive or face insolvency.
“If a DCE intends to offer a service, you must contact us; otherwise, we will cancel the registration,” said Thomas, adding that companies can re -request whether “circumstances change.”
The “offensive” crypto of AUSTRAC
This offensive follows a one -year Austrac investigation that led to regulatory actions against 13 cryptocurrency companies in February.
The regulator pointed to more than 50 additional companies under scrutiny and warned that non -compliant companies face suspension or cancellation of registration.
The intense offensive occurs while Australia goes to elections on May 3, with the regulation of cryptocurrencies emerging as a key conflict point.
Recently, the Global Cryptocurrency Exchange Coinbase called on Australian voters to support candidates who promote clear regulations of digital assets, qualifying the country’s crypto policy environment as “frustratedly vague and underdeveloped.”
