AUSTRAC, Australia’s financial intelligence agency, said it has stepped up its scrutiny of high-risk payment companies and has canceled, suspended, or refused to renew 45 registrations for firms operating in the fields of crypto assets and money transfers over the past year.
The agency said the measures targeted providers that were inactive or financially troubled or lacked the necessary operational capacity, along with cases where material changes were not reported, or inaccurate registrations were submitted, or where they appeared linked to high risks related to money laundering or terrorist financing.
The CEO of AUSTRAC, Brendan Thomas, said that companies whose registrations are cancelled can no longer continue operating. He added that individuals associated with some of these companies were referred to law enforcement agencies or regulatory partners in Australia and abroad.
The regulator highlighted BA Digital Ventures, which traded under the name GetCoins, noting that its registration for digital assets was cancelled in June following complaints from customers. AUSTRAC said the platform was apparently used in organized investment scams involving cryptocurrencies, and that cancelling its registration in cooperation with the National Anti-Scam Centre helped disrupt this activity.
The regulator did not disclose the names of all 45 companies, nor did it provide details showing how many crypto companies there were versus transfer companies. However, its public register of virtual asset service providers showed recent actions affecting GetCoins, Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia.
AUSTRAC also said it opened an investigation into Western Union, along with suspending the ATM network of Cryptolink.
These steps reflect increasing regulatory scrutiny in Australia, which raises regulatory risks for remittance and crypto payment companies that do not meet registration and compliance requirements, making their continued presence in the market more tied to their ability to demonstrate operational readiness and commitment to disclosure.