G’day, mates! Buckle up for a wild ride as AUSTRAC, the Aussie watchdog, takes a bite out of the crypto world.
AUSTRAC, the Australian Transaction Reports and Analysis Centre, has sent a clear message to cryptocurrency exchanges and remittance providers: follow anti-money laundering laws, or else! In a press release that’d make even the toughest croc shed a tear, AUSTRAC announced they’re reviewing over 50 providers and have already taken action against 13 of them. Nine providers got the axe last year for failing to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act. Ouch!
And if that wasn’t enough, two providers are now walking on thin ice, facing restrictions on their registrations. Break the rules again, and they’re done like a kangaroo in headlights. Several bigwigs from companies like Auaisa Trading Pty Ltd, Amco Travelling and Exchange Pty Ltd, and B-Paywize Pty Ltd are facing criminal charges or legal action. Jinte Net Blockchain Pty Ltd and DIGI-SEND E-Money Pty Ltd? Well, they were caught operating without registration, which is a big no-no. 🚫
Struggling exchanges FTX Express and Zipmex Australia have been given the boot from the Digital Currency Exchange Register after filing for bankruptcy. Seems like they couldn’t keep up with AUSTRAC’s demands.
So, what’s the moral of the story? If you’re a crypto business in Australia, don’t mess with AUSTRAC, or you’ll be in deep, deep trouble. As Thomas, the AUSTRAC CEO, put it: “Businesses working in this space who are not meeting their obligations can expect to hear from us.” Fair dinkum!
Since January, AUSTRAC has sent 106 compliance reminders to companies, and they’ve got their eyes on the 417 registered cryptocurrency exchanges they currently regulate. Better watch out, or you might just find yourself on the wrong side of this watchdog! 🐾
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2025-02-17 12:04