The Australian Transaction Report and Analysis Center has warned the cryptocurrency exchanges and remittances providers to follow the money-recipient laws or face the results.
In a press release statement Published on its official website, the agency revealed that it is now reviewing more than 50 providers and recently taken action against 13 of them. According to Austrac CEO Brendon Thomas, the agency renewed, suspended, or suspended the registration of nine providers later in the end of last year.
This was when they failed to follow the anti-mani laundering and counter-terracement Act. Thomas said:
Another 2 providers had conditions on their registration and now these are on notice – failure to fulfill these conditions may have to suspend or cancel their registration. ,
The latest cracks come after a year -long investigation into companies that have failed to reveal or reduce suspicious transactions. Austrack has banned registration of two providers, stating that additional violations may result in termination.
Many officials of businesses like Auaisa Trading Pty Ltd, Amco Traving and Exchange Pty Ltd, and B-Paywize Pty Ltd have been charged with crimes or are subject to legal action. On the other hand, Jinte Net Blockchain Pty Ltd and Digi-Send E-Money Pty Ltd, on the other hand, operating businesses were found, which no longer need registration.
After filing for bankruptcy, the struggling exchange FTX Express and Zipmex Australia have been removed from the Digital Currency Exchange Register. According to Austrack, a large part of the Financial Crime Investigation is affected by the failure of the cryptocurrency exchanges, which properly manifests suspected transactions.
“Businesses working in this space that are not fulfilling their obligations can expect us to hear,” Thomas warned.
Since January, 106 companies have received compliance with Austrac. With the help of its crypto taskforce, the regulator has promised to monitor 417 registered cryptocurrency exchanges in Australia that it currently controls.
