Use It Or Lose It Crackdown Hits Crypto Exchanges
AUSTRAC is encouraging inactive digital currency exchange (DCE) businesses to voluntarily withdraw their registrations or risk having it cancelled.
DCEs must be registered with AUSTRAC before they can offer a service to exchange cash for cryptocurrency, or vice versa. This includes cryptocurrency ATM providers.
There are currently 427 registered DCEs but AUSTRAC is concerned that a significant proportion are inactive. AUSTRAC is contacting any DCEs that appear to no longer be trading.
AUSTRAC CEO Brendan Thomas said businesses offering cryptocurrency exchange services are operating in a high risk sector and because AUSTRAC registration provides legitimacy, inactive businesses are vulnerable to being bought and co-opted by…
