Australia Removes 45 Cryptocurrency and Money Transfer Companies From Its Official Registry

Australia’s financial regulator has deregistered 45 cryptocurrency and money transfer firms over the past year, citing dormancy, insolvency, inadequate compliance, and money laundering risks. The enforcement action reflects intensified scrutiny of digital asset service providers and cross-border payment flows in a jurisdiction working to tighten financial crime controls.

• AUSTRAC removed 45 remittance and virtual asset service provider registrations through cancellations, suspensions, and refused renewals over one year
• GetCoins, operated by BA Digital Ventures Pty Ltd, was specifically named for alleged exploitation by cryptocurrency investment scams
• The regulator cited dormancy, insolvency, operational incapacity, compliance failures, and significant money laundering or terrorism financing risk as grounds

• 45 Crypto and remittance firms removed from AUSTRAC registers in the past year
• 96 Cryptocurrency ATMs taken offline after Cryptolink suspension in August
• September 1 Date AUSTRAC opened investigation into Western Union operations

Australia’s Transaction Reports and Analysis Centre (AUSTRAC), the country’s anti-money laundering regulator, has removed 45 remittance and virtual asset service provider registrations from its official registers through a combination of cancellations, suspensions, and refused renewals spanning the past year. The action reflects mounting pressure on cryptocurrency exchanges, wallet providers, and cross-border payment platforms to meet strict compliance standards or face deregistration. AUSTRAC referred individuals associated with some of the affected businesses to law enforcement authorities.

Dormancy, insolvency, and Compliance failures drive mass deregistrations

The regulator cited multiple grounds for the enforcement action. Some firms had become dormant or inactive, while others faced insolvency proceedings. Additional grounds included businesses that had ceased providing any designated service for extended periods, lacked sufficient operational capacity to manage compliance obligations, held incorrect registration categories, or failed to notify AUSTRAC of material changes to their operations.

A substantial portion of the 45 cases involved entities posing significant risk of money laundering or terrorism financing. Under Australian anti-money laundering law, both remittance dealers and cryptocurrency service providers must register with AUSTRAC and comply with reporting requirements designed to detect and deter financial crime. These requirements include customer due diligence, transaction reporting, and suspicious activity disclosures.

The compliance burden on cryptocurrency businesses has grown considerably as regulators globally have tightened oversight of digital asset markets. Australia’s regulatory framework, established under the Anti-Money Laundering and Counter-Terrorism Financing Act, requires service providers to implement risk management systems proportionate to their customer base and transaction volumes. Smaller operators or those lacking adequate technology infrastructure have struggled to meet these standards.

AUSTRAC CEO Brendan Thomas framed the enforcement action as a necessary response to the inherent risks posed by rapid cross-border money flows. “The rapid movement of money across borders can create some of the highest ML/TF risks,” Thomas said. “Financial crime operates across borders, and we work closely with our domestic and international partners to strengthen the financial system not just in Australia, but globally.”

Our message to industry is clear: understand and manage your risks and meet your reporting obligations, or you may not be able to continue operating.

Brendan Thomas, CEO, AUSTRAC

GetCoins named for scam exploitation and inadequate risk controls

AUSTRAC specifically identified BA Digital Ventures Pty Ltd, which operated under the brand GetCoins, as one of the deregistered entities. The regulator had collaborated with the National Anti-Scam Centre (NASC) following customer complaints lodged against the platform. AUSTRAC then requested detailed operational information to determine whether GetCoins possessed sufficient capability to manage money-laundering exposure.

According to AUSTRAC, organized cryptocurrency investment scams had allegedly exploited the VASP’s infrastructure. Cryptocurrency platforms have emerged as frequent targets for fraudsters seeking to move stolen funds or attract victims through misleading investment schemes. The association between GetCoins and investment scam activity raised concerns about the platform’s ability to implement adequate transaction monitoring and customer screening procedures.

This case illustrates a broader challenge facing regulators and cryptocurrency service providers. Scammers may deliberately funnel illicit proceeds through platforms with weak controls, creating regulatory liability for the service provider even if the platform itself does not knowingly facilitate fraud. AUSTRAC’s enforcement action against GetCoins sends a signal that platforms must invest in robust compliance systems or face consequences.

Broader regulatory enforcement signals intensified crypto oversight

The 45 deregistrations occur within a wider enforcement campaign targeting payment service providers and digital asset businesses in Australia. AUSTRAC opened an investigation into Western Union on September 1, while the regulator suspended Cryptolink in August, resulting in 96 cryptocurrency ATMs being taken offline. These actions collectively signal a shift toward more aggressive compliance verification across the sector.

The timing of these enforcement actions reflects a global trend toward stricter cryptocurrency regulation. Major economies including the United States, European Union, and United Kingdom have all strengthened oversight of digital asset markets in recent years, driven partly by concerns about financial crime and terrorist financing. Australia has positioned itself as a leader in this regulatory space, establishing clear registration requirements ahead of some peer jurisdictions.

Thomas tied the heightened enforcement activity to AUSTRAC’s annual money-laundering and terrorism financing risk assessment. He stated the agency would continue removing firms that present significant financial crime risks, suggesting the pace of deregistrations may accelerate if compliance gaps persist across the industry. The regulator has indicated it reviews compliance performance regularly and does not hesitate to pursue enforcement when businesses fall short of legal obligations.

AUSTRAC has made clear that firms failing to demonstrate adequate risk management and timely reporting will face removal, but no specific timeline has been announced for further reviews or the resolution of the Western Union investigation initiated on September 1.

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