AUSTRAC Removed 2 Crypto Exchanges Out of 417 Registered, Citing Insolvency
AUSTRAC AML/CTF Actions
In its latest effort to uphold the integrity of Australia's financial system, AUSTRAC has intensified its campaign against non-compliant financial service providers, with a particular spotlight on Digital Currency Exchanges (DCEs). As part of a broader regulatory blitz, the anti-money laundering (AML) watchdog is sending a strong message to the DCE industry: compliance with Australia’s AML and Counter-Terrorism Financing (CTF) laws is non-negotiable.
Key Developments in AUSTRAC's 2025 Campaign
Regulatory Action Against 13 Providers: In February 2025, AUSTRAC confirmed actions against 13 remittance and digital currency exchange providers. More than 50 others remain under active scrutiny as part of a year-long compliance campaign.
AUSTRAC Alerts and Precursor Warnings: AUSTRAC issued alerts to operators suspected of failing to report suspicious transactions. These alerts serve as an early warning of potential regulatory enforcement.
Enforcement Measures Taken:
AUSTRAC took action against 13 providers in total, including remittance services and digital currency exchanges.
2 Digital Currency Exchanges Removed from Register Due to Insolvency: Zipmex Australia Pty Ltd and FTX Express Pty Ltd were delisted from the Digital Currency Exchange Register following insolvency.
Non-operational: DIGI-SEND E-Money Pty Ltd, Rootie Technology Pty Ltd, and Jinte Net Blockchain Pty Ltd were found to no longer be operating a business requiring registration, leading to their removal.
Ongoing Oversight and Sector-Wide Warnings
417 Registered DCEs in Australia: According to AUSTRAC’s records, there are currently 417 DCEs registered across the country, highlighting the growing scale of the sector.
106 Entities Reminded of Obligations: Since January 2024, AUSTRAC has issued compliance reminders to 106 entities across all sectors, reinforcing the importance of timely and accurate reporting.
Systemic Reporting Failures Identified: The campaign follows AUSTRAC's analysis uncovering widespread non-reporting and under-reporting of suspicious transactions within the remittance and digital currency exchange industries.
Crypto Taskforce at Work: In response to money laundering risks identified within the DCE sector, AUSTRAC established a dedicated Crypto Taskforce in 2024. This group continues to focus on ensuring compliance and investigating industry weaknesses.
AUSTRAC’s message is unequivocal: those who fail to meet their legal obligations can expect to face scrutiny, and if necessary, penalties, suspensions, or deregistration.