It is not good for the crypto community if I say that Australia’s financial watchdog whose name is AUSTRAC has taken action against 13 crypto exchanges and money remittance providers, and this is not enough but more than 50 other firms are under investigation for compliance breaches. So this is a big inquiry that has been done by Australia's financial watchdog austrac and we have to follow this update to see what will come out soon.
Addressing the under-reporting and non-reporting of suspicious transactions
To address the under-reporting and non-reporting of suspicious transactions in the withdrawal, remittance, and virtual currency exchange sectors This action is taken as part of a broader effort. We can see there is no big effect on the market of this news but we don't know what will happen soon so we have to be ready for everything.
Financial watchdog's chief executive whose name is Brendan Thomas said almost six providers had their registration renewals refused and the reason is their key staff had been prosecuted, convicted, or charged with serious offenses that negatively impacted the integrity and honesty. There are other firms too which are in investigation.
And the number is big now so due to concerns that operators may not be reporting suspicious activity properly, More than 50 other firms received regulatory alerts, a precursor to potential enforcement actions. Thomas said AUSTRAC which is the financial watchdog of Australia identified systemic failures in compliance and launched an industry-wide investigation early last year and this was needed to root out non-compliant providers.
After failing to meet regulatory requirements, Two additional providers have been placed under strict conditions and you know they are in danger because they now risk deregistration or suspension if they fail to comply with the regularity. Talking about more three firms that were refused registration no longer operate in the country of Australia.
AUSTRAC sets sights on crypto regulation
Australian financial watchdog oversees 5,112 remittance providers and 417 digital currency exchanges across Australia. In December 2024, Thomas who is the chief executive announced that the agency would increase scrutiny on the cryptocurrency industry in 2025. specific target is crypto ATM operators and they are suspected of violating anti-money laundering (AML) laws. So this is going to happen in the near future.
According to Coin ATM Radar, when it comes to the largest hub for Bitcoin ATMs after the Canada and united States, Australia is listed, with over 1,453 cryptocurrency ATMs and this is a big number, a sharp increase from 67 in August 2022.
That same month, the financial watchdog proposed stricter counter-terrorism financing (CTF) and Anri money laundering (AML) regulations to strengthen oversight of the cryptocurrency industry and it is going prevent financial crime in crypto. The Australian Securities and Investments Commission which is famous for the ASIC name also released a consultation paper in December month that would classify many virtual currencies as financial products, requiring firms dealing in cryptocurrency to obtain a financial services license.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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