Cointree Faces $75K Fine for Delayed Suspicious Activity Reports

AUSTRAC, Australia’s financial intelligence agency, has penalized cryptocurrency exchange Cointree $75,120 for failing to report suspected illicit activity promptly. The penalty highlights the regulatory pressure on crypto exchanges as AUSTRAC strengthens oversight of the sector. Cointree self-reported its reporting delays and is working to improve its compliance systems. AUSTRAC emphasizes the importance of timely reporting in combating financial crime, stating that delayed reports hinder law enforcement’s ability to react swiftly.