TechFlow news, on February 17, according to Cointelegraph, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has taken regulatory actions against 13 remittance service providers and cryptocurrency exchanges, while issuing compliance warnings to over 50 other entities.
AUSTRAC CEO Brendan Thomas said the agency rejected renewal applications from six providers due to serious misconduct by key personnel affecting their integrity. Two additional providers were imposed with conditions for failing to meet requirements within the deadline.
Currently, there are 417 digital currency exchanges and 5,112 remittance providers registered with AUSTRAC in Australia. Notably, FTX Australia subsidiary FTX Express and Zipmex Australia—two collapsed cryptocurrency exchanges—have been removed from the country's digital currency exchange register.
AUSTRAC stated this enforcement action follows its discovery of systemic underreporting and failure to report suspicious transactions within the remittance and digital currency exchange sectors. The agency plans to strengthen oversight of the cryptocurrency industry in 2025.
