Australia’s financial intelligence agency is intensifying its oversight of crypto exchanges, warning inactive platforms to voluntarily deregister or face removal.
In an April 30 press release, the Australian Transaction Reports and Analysis Centre (AUSTRAC) highlighted concerns that many registered digital currency exchanges appear inactive but remain listed, posing risks of criminal exploitation.
AUSTRAC is contacting exchanges that seem inactive among the 427 currently registered. “Businesses registered with AUSTRAC must keep their details current, including services no longer provided,” the agency stated.
“Our intelligence shows that cryptocurrency can be used for money laundering, scams, and money mule activities, with many people falling victim to such scams.”
AUSTRAC emphasized that all exchanges and crypto ATM providers must be registered to offer fiat-crypto conversion services, noting that inactive businesses could be vulnerable to misuse.
