Australia's financial regulator AUSTRAC has cancelled, suspended, or declined to renew the registrations of 45 providers of remittance and virtual asset services over the past year. The reasons included inactivity, insolvency, lack of operational capacity, registration errors, failure to notify of material changes, and elevated risks of money laundering and terrorism financing.
AUSTRAC CEO Brendan Thomas stated that companies with cancelled registrations are no longer permitted to operate. Some individuals associated with the violators have been referred to Australian and foreign law enforcement agencies. "The rapid movement of money across borders creates some of the highest risks of money laundering and terrorism financing," he noted.
One of the most prominent cases was the cancellation of BA Digital Ventures (brand GetCoins) registration in June. The decision was made following customer complaints and joint work with the National Anti-Scam Centre. According to AUSTRAC, the platform was allegedly used by organised groups for investment fraud. In addition, in August AUSTRAC suspended the registration of crypto ATM operator Cryptolink for three months, taking 96 machines offline. The company had previously received an enforcement notice and a fine of A$56,340 for violations. The public register also lists registration cancellations for Self Custody, Jam Xchange, Coinsec Australia, and other companies. AUSTRAC emphasised that not all of the 45 organisations are suspected of criminal activity — some simply ceased operations or failed to meet requirements.
At the same time, the regulator launched an investigation into Western Union on 1 September. The probe covers its anti-money laundering programme, transaction monitoring, and corporate governance. In parallel, Australian authorities are expanding regulation: the travel rule has been in effect since 1 July, and crypto businesses must submit applications for financial licences by 30 September. AUSTRAC will continue to remove from the register any companies unable to manage their risks.