Australia cancels registration of crypto provider GetCoins after scam complaints

Australia’s financial intelligence regulator AUSTRAC announced that it has cancelled the registration of GetCoins, a virtual asset service provider operating as BA Digital Ventures Pty Ltd. The decision follows complaints that the platform was used in organized cryptocurrency investment scams.

Regulatory action and timeline

AUSTRAC said the cancellation was recorded on 4 June 2026, three months before the public announcement on 7 September 2026. The regulator also disclosed that, over the past year, it cancelled, suspended or refused to renew 45 registrations covering both remittance and virtual‑asset providers.

Reason for cancellation

The regulator worked with the National Anti‑Scam Centre after receiving customer complaints. It requested information from GetCoins to assess its ability to manage money‑laundering risks and concluded that the provider had been exploited by organized investment scams. AUSTRAC emphasized that it did not find GetCoins itself to be the organizer of the scams.

Impact of the decision

With its registration cancelled, GetCoins can no longer operate as a virtual‑asset service provider in Australia. AUSTRAC noted that the cancellation helped disrupt the alleged scam activity, though no specific amount of customer funds recovered was disclosed.

Broader enforcement context

AUSTRAC’s annual enforcement actions cited a range of issues, including insufficient capacity to trade, dormant or inactive businesses, insolvency, inadequate registration, failure to report material changes, and significant money‑laundering or terrorism‑financing risk. The 45 actions encompass cancellations, suspensions, refusals, and non‑renewals across the sector.