AUSTRAC Issues Warning to Inactive Crypto Platforms

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has raised alarm bells about the integrity of Australia’s cryptocurrency landscape, alerting inactive cryptocurrency exchanges that they risk deregistration unless they voluntarily withdraw. 427 platforms currently registered with AUSTRAC remain listed despite ceasing to operate. The agency is actively contacting these firms, emphasizing the necessity for businesses to update their registration information when discontinuing services. This action underscores a growing concern regarding crypto’s vulnerability to misuse in money laundering, scams and criminal activity.