Australia removes 45 crypto and remittance registrations

Australia’s financial intelligence regulator AUSTRAC announced that it has taken regulatory action against 45 crypto‑asset service providers and remittance businesses over the last year. The actions included cancellations, suspensions and refusals to renew registrations.

Reasons for the removals

AUSTRAC said the businesses were targeted for a range of compliance issues, including:

• Inactivity or insolvency that prevented continued operation
• Incorrect or incomplete registrations
• Failure to report material changes
• Elevated money‑laundering and terrorism‑financing risks

The regulator stressed that the measures are administrative and supervisory, not a determination that every firm committed financial crime.

Notable cases

GetCoins (BA Digital Ventures) had its virtual asset service provider (VASP) registration cancelled after customer complaints and allegations that the platform was exploited by organised cryptocurrency investment scams. AUSTRAC worked with the National Anti‑Scam Centre and requested information to assess the company’s money‑laundering exposure.

Cryptolink had its registration suspended for three months, preventing operation of its network of 96 cryptocurrency ATMs. The suspension followed failures to submit threshold transaction reports and an unanswered request for information, despite a prior enforceable undertaking and a paid infringement notice.

Other registrations cancelled during 2026 included Self Custody, Jam Xchange, Coinsec Australia, Reserve Currency of Australia, Coast to Coast Vending, Product.ST, AMSA Fintech and IT Solutions, A.K Smart Trader and Atpay Trading. AUSTRAC did not disclose which of these were VASPs versus remittance providers.

Broader regulatory context

AUSTRAC’s actions are part of a wider effort to tighten anti‑money‑laundering (AML) oversight of digital‑asset businesses. Earlier campaigns reviewed more than 50 providers, resulting in action against 13 firms. In May 2026, AUSTRAC launched supervisory campaigns focused on local exchanges and over‑the‑counter crypto businesses, engaging with dozens of firms to assess governance, transaction monitoring and AML controls.

Australia’s AML regime now covers crypto‑to‑crypto exchanges, custody services and certain transfer providers. The “travel rule” requiring detailed sender and recipient information for virtual‑asset transfers took effect on 1 July 2026. Crypto companies that do not meet the expanded requirements must obtain a financial services licence by 30 September 2026, after which they may face civil or criminal enforcement.

Ongoing investigations

AUSTRAC also opened an investigation into Western Union Financial Services Australia and its U.S. parent on 1 September, focusing on AML program, transaction monitoring and governance. The regulator clarified that only the Australian entity is under investigation.