Australia’s AUSTRAC removed 45 crypto and remittance registrations over the past year

Australia’s financial intelligence regulator said it canceled, suspended or refused to renew 45 crypto and remittance registrations over the past year as it tightened scrutiny of high-risk payment businesses. For PSPs, the signal is straightforward: inactive, insolvent or badly registered operators are now getting pushed out of the market, not just warned.

1. On Monday, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said the actions covered providers that were inactive, insolvent or lacked the capacity to operate. The regulator also cited failures to report material changes, incorrect registrations and cases presenting significant money laundering or terrorism financing risks.
2. AUSTRAC CEO Brendan Thomas said businesses whose registrations were canceled can no longer operate. He also said individuals connected to some businesses had been referred to Australian and overseas law enforcement or regulatory partners.
3. AUSTRAC singled out BA Digital Ventures, which traded as GetCoins. Its virtual asset registration was canceled in June after customer complaints. The regulator said GetCoins was allegedly used by organized cryptocurrency investment scams and that the cancellation, carried out with the National Anti-Scam Centre, helped disrupt that activity.
4. The regulator did not name all 45 businesses or provide a split between crypto and remittance providers. Its public VASP register lists recent actions involving GetCoins, Cryptolink, Self Custody, Jam Xchange and Coinsec Australia.
5. AUSTRAC has also opened an investigation into Western Union and suspended Cryptolink’s crypto ATM network, which shows the review is not limited to smaller virtual asset firms.

For high-risk operators, the practical takeaway is that AUSTRAC is treating registration status as an active gatekeeping tool. If the provider cannot show it is operating, reporting and updating its record properly, the registration itself becomes the liability.