Australia Targets Inactive Crypto Exchanges: Combating Scams with Deregistration

Australia’s financial watchdog, AUSTRAC, is taking action against dormant crypto exchanges to curb the risk of scams and illicit activities. The agency has initiated a campaign to remove inactive firms from its registration list, requiring them to either cease operations or voluntarily withdraw their licenses. 427 crypto exchanges are currently registered with AUSTRAC, but many are believed to be non-operational. CEO Brendan Thomas emphasized that those not actively trading cryptocurrency should be removed from the registry as outdated information poses a security risk and undermines transparency.