AUSTRAC's Crackdown on Crypto Exchanges: A Closer Look
The Australian transaction watchdog AUSTRAC has intensified its scrutiny on cryptocurrency providers, taking action against several firms to ensure regulatory compliance.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has intensified its crackdown on over 50 cryptocurrency exchanges to enforce compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
On February 17, 2025, AUSTRAC announced actions against 13 remittance and digital currency exchange providers, while more than 50 others are still under review.
AUSTRAC’s CEO, Brendan Thomas, stated, “Early last year we initiated an investigation to identify and eliminate non-compliant providers and improve the industry’s reporting on suspicious matters.”
🚨 Aussie watchdog is on the hunt! 🇦🇺🔍 AUSTRAC just sent warnings to 50+ crypto exchanges & remittance services for non-compliance. Fail to fix it? Say goodbye to your registration! 😬⏳ #CryptoRegulation #AUSTRAC pic.twitter.com/nmJr9HM1Mb — Crypto Aiden (@AidenBlok) February 17, 2025
Thomas highlighted the importance of AUSTRAC’s reporting entities in the fight against crime, stating, “Businesses in this sector who are not meeting their obligations can expect to hear from us.”
Additionally, the Federal Court imposed a fine of $5.1 million AUD on Bit Trade, the operator of the cryptocurrency exchange Kraken, for failing to comply with financial product regulations.
