The Australian financial control agency takes measures against 13 cryptographic companies

The Australian Report and Transaction Analysis Center (Austrac) has taken regulatory measures against 13 cryptographic companies as part of its efforts to address compliance failures within the digital currency sector.

The last round of actions is part of Austrac’s year research on remittances and exchanges of digital currencies, which has identified more than 50 additional companies under scrutiny for possible violations, according to a Monday on a Monday one Monday statement.

Austrac has launched this repression as part of its strategy to regulate the expanding cryptographic sector of Australia.

The Financial Intelligence Agency canceled, suspended or has refused to renew the registration of nine companies that did not comply with the obligations of the Law on Financing against Delina Washing and Contracerroism, according to the Austrac Brendan Thomas CEO.

Among these companies are Auasia Trading Pty Ltd, Amco Travel and Exchange Pty, and Blue Star Exchange Pty Ltd.

“Austrac’s informative entities are the first line of defense to detect criminal activities,” Thomas said in a statement, added that these companies play a key role in identifying suspicious transactions and maintaining the integrity of the Australian financial system.

In addition to the cancellation of records, Austrac has placed conditional records in Currencyfair Australia Pty Ltd and Currencyfair Limited, after companies did not meet compliance requirements within the specified time period.

Since January 2024, Austrac has issued compliance reminders to 106 entities, urging them to fulfill their obligations or face new regulatory measures.

With more than 400 exchanges of digital currencies and more than 5,000 remittance suppliers currently registered in Australia, Austrac is marking that companies that do not comply can expect serious consequences, including the possible suspension or desertation.

Zipmex Australia Pty LTD and FTX Express PTY LTD were also eliminated from the digital currency exchange record after their insolvencies, pointing out how the regulator holds non -compliant companies.

“Austrac is still concerned about the risks of money laundering in the DCE sector in particular and will continue to address these concerns through the cryptographic working group,” Thomas said.

Australian cryptographic crime repression

Initially focused on addressing the risks associated with automatic cryptography ATMs, the Autrac cryptographic working group has expanded its operations to improve the regulatory application throughout the industry.

In October 2024, the Federal Police of Australia (AFP) seized $ 6.4 million In Crypto as part of Operation Kraken, addressed to an alleged intellectual author behind the ghost encrypted application used by organized crime unions.

Monday, Victoria Police dismantled a crime union accused of stealing ATMs in all of Melbourne.

Police arrested four people after discovering a “Aladdin Cave” of stolen items, including commercial cards worth around $ 31,800 and firearms.

The Australian Securities and Investment Commission (ASIC) also increased its scrutiny of the cryptographic sector, especially Take legal actions Against Binance Australia in December for erroneously classifying retail customers and denying consumer protection.