"Enforcing Accountability: Australian Regulator Takes Action Against Inactive Crypto Platforms"
In a nutshell
- Australia's financial regulatory body is urging inactive crypto exchanges to either operate actively or face deregistration, as part of a crackdown aimed at safeguarding consumers and fighting criminal activities.
- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has warned over 427 registered digital currency exchanges (DCEs) that they risk losing their registration if they don't show signs of activity.
- The campaign, which follows regulatory actions against 13 crypto firms, is a concerted effort to promote compliance and integrity within the crypto industry.
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The Aussie watchdog for finance matters is putting dormant crypto businesses on notice, threatening to cancel their registrations if they don't step up and start operating. This warning comes as part of a wide-ranging assault on inactive DCEs to:
- finish off scams by removing unverified platforms that could be utilized by lowlifes[1][4]
- make sure the registries are accurate by compelling inactive exchanges to confirm their operations or face being booted out[1][4]
- give consumers peace of mind by creating a public list of registered exchanges, helping people identify legit providers[1][4]
AUSTRAC has made recent moves against 13 remittance and crypto service providers, investigated over 50 others, and refused renewals for six firms linked to shady business. These measures are designed to beef up anti-money laundering compliance and restore credibility to the industry[1][4].
Crypto down under gets a lean
In case you didn't catch the memo, Australia's regulatory framework for crypto is still in the works. Some progress was made with the introduction of licensing for Digital Asset Platforms (DAPs) in April '25, but comprehensive legislation has yet to be signed into law[1][4].
The government's proposed framework, announced in March '25, aims to regulate exchanges under existing financial services laws ahead of the May federal election[1][4], following consultations initiated in '22[1][4].
Politics mixed with crypto
With the Aussie election just around the corner on May 3, crypto regulation has moved to the forefront of the political stage. Recently, global crypto exchange Coinbase encouraged Aussie voters to rally behind candidates advocating for clear digital asset regulations, slamming the country's policy environment as "frustratingly vague and underdeveloped."
- Crypto exchanges in Australia are being urged to operationalize or face potential deregistration due to a crackdown aimed at enhancing consumer protection and curbing illicit activities.
- The Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a warning to over 427 registered digital currency exchanges (DCEs), stating that they risk losing their registration if they fail to demonstrate activity.
- The campaign targets the elimination of unverified platforms that could be exploited by criminal elements and ensures the accuracy of registries by compelling inactive exchanges to confirm their operations.
- The regulatory actions are also part of a broader effort to promote compliance and integrity within the crypto industry, improve anti-money laundering (AML) compliance, and restore credibility to the sector.
- The Aussie government's proposed digital currency regulations, announced in March '25, aim to govern crypto exchanges under existing financial services laws before the May federal election.
- Efforts to establish comprehensive crypto regulations in Australia have moved to the center of political discussions, with global crypto exchange Coinbase advocating for clear digital asset regulations ahead of the May 3 election.
- Coinbase has criticized Australia's current policy environment as "frustratingly vague and underdeveloped," urging voters to support candidates who advocate for better crypto regulations.
- As part of the crackdown, AUSTRAC has taken recent action against 13 remittance and crypto service providers, investigated over 50 others, and refused renewals for six firms linked to suspicious activities.
- Amidst these developments, the digital currency business is under increased scrutiny from regulators and general news outlets, as stakeholders work to decrypt the complex world of cryptocurrencies and ensure consumer protection.
