{"id":13501,"date":"2025-02-17T14:47:48","date_gmt":"2025-02-17T14:47:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=13501"},"modified":"2025-02-17T14:47:48","modified_gmt":"2025-02-17T14:47:48","slug":"australian-regulator-austrac-reviews-50-crypto-service-providers-takes-action-against-13","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=13501","title":{"rendered":"Australian Regulator AUSTRAC Reviews 50 Crypto Service Providers, Takes Action Against 13"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400\">Australian regulators or the Australian Transaction Reports and Analysis Centre (AUSTRAC) has cracked down on over 50 cryptocurrency exchanges to enforce compliance with anti-money laundering (AML) and counter-terrorism financing (CTF).\u00a0<\/span><\/p>\n<p>On 17 February 2025, the AUSTRAC <a href=\"https:\/\/www.austrac.gov.au\/news-and-media\/media-release\/austrac-campaign-targets-remitters-and-digital-currency-exchanges\" target=\"_blank\" rel=\"nofollow\">released a press statement<\/a> revealing that the agency has taken \u201caction against 13 remittance and digital currency exchange providers with more than 50 others still in its sights.\u201d<\/p>\n<p>Commenting on the crackdown, AUSTRAC CEO Brendan Thomas said, \u201cEarly last year we initiated an investigation to identify and eliminate non-compliant providers and improve the industry\u2019s reporting on suspicious matters.\u201d<\/p>\n<p>Furthermore, he said that alerts are a precursor to potential regulatory action and identify AUSTRAC\u2019s concerns that operators may not be reporting suspicious matters and transactions to AUSTRAC.<\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/australia-approves-first-spot-bitcoin-etf-following-apacs-like-thailand-hong-kong\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Australia Approves First Spot Bitcoin ETF, Following APACs Like Thailand, Hong Kong<\/span><\/a><\/strong><\/p>\n<h2>Last Year, AUSTRAC Suspended 9 Licenses For Failing AML, CTF Compliance<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/1f6a8.png\" alt=\"\ud83d\udea8\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> Aussie watchdog is on the hunt! <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/1f1e6-1f1fa.png\" alt=\"\ud83c\udde6\ud83c\uddfa\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/1f50d.png\" alt=\"\ud83d\udd0d\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> AUSTRAC just sent warnings to 50+ crypto exchanges &amp; remittance services for non-compliance. Fail to fix it? Say goodbye to your registration! <img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/1f62c.png\" alt=\"\ud83d\ude2c\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/23f3.png\" alt=\"\u23f3\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> <a href=\"https:\/\/twitter.com\/hashtag\/CryptoRegulation?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">#CryptoRegulation<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/AUSTRAC?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">#AUSTRAC<\/a> <a href=\"https:\/\/t.co\/nmJr9HM1Mb\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/nmJr9HM1Mb<\/a><\/p>\n<p>\u2014 Crypto Aiden (@AidenBlok) <a href=\"https:\/\/twitter.com\/AidenBlok\/status\/1891379248872473074?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 17, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While expressing concerns about money laundering risks, Thomas said that, \u201cAUSTRAC\u2019s reporting entities are the front line of defence in detecting criminal activity, which is why it is important for all of them to take their AML\/CTF obligations seriously.\u201d<\/p>\n<p><span style=\"font-weight: 400\">In 2024, nine providers had their registrations cancelled due to non-compliance. <\/span><span style=\"font-weight: 400\">Meanwhile, two crypto service providers were placed under strict conditions, with AUSTRAC warning that further violations could lead to termination.<\/span><\/p>\n<p>\u201cLate last year AUSTRAC cancelled, suspended and refused renewals of registration for 9 providers that had failed to meet their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act,\u201d confirmed Thomas.<\/p>\n<p><span style=\"font-weight: 400\">Several executives from companies such as Auaisa Trading, Amco Travelling and Exchange, and B-Paywize are facing legal charges for failing to meet regulatory standards.<\/span><\/p>\n<p><span style=\"font-weight: 400\">AUSTRAC currently regulates 417 registered cryptocurrency exchanges in Australia. In addition to its crackdown on non-compliant providers, the regulator has issued compliance reminders to 106 companies since January 2025.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cBusinesses working in this space who are not meeting their obligations can expect to hear from us,\u201d Thomas warned.\u00a0<\/span><\/p>\n<h2 class=\"page-title\">Federal Court Fines Kraken\u2019s Australian Operator $5.1 Million<\/h2>\n<p>Australia\u2019s Federal Court has imposed an Australia crypto fine of $5.1 million AUD on Bit Trade, the operator of the cryptocurrency exchange Kraken. <span data-preserver-spaces=\"true\">The court sided with the Australian Securities and Investments Commission (ASIC), which had accused Bit Trade of failing to comply with legal obligations regarding financial product design and distribution.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.judgments.fedcourt.gov.au\/judgments\/Judgments\/fca\/single\/2024\/2024fca1422\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">judgment<\/span><\/a><span data-preserver-spaces=\"true\">, delivered on 12 December 2024, <\/span><span data-preserver-spaces=\"true\">was a result of<\/span><span data-preserver-spaces=\"true\">\u00a0Bit Trade\u2019s actions regarding its margin extension product, which allowed users to trade cryptocurrencies or fiat with leverage.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bit Trade\u2019s product was offered without the legally required target market determination (TMD), a vital component designed to ensure that products are marketed to appropriate consumers.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Justice John Nicholas ruled that Bit Trade had acted as a credit facility without the necessary license.<\/span><\/p>\n<p><strong>Explore:\u00a0<a href=\"https:\/\/99bitcoins.com\/news\/australias-federal-court-fines-krakens-australian-operator-5-1-million\/\" rel=\"bookmark\">Australia\u2019s Federal Court Fines Kraken\u2019s Australian Operator $5.1 Million<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<p><span style=\"font-weight: 400\">    <\/p>\n<ul class=\"nnbtc-key-takeaways__list\">\n        <\/ul>\n<p><\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        AUSTRAC\u2019s review follows a year-long investigation into potential violations of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 by cryptocurrency providers.    <\/li>\n<p>    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        The agency has already taken decisive action against 13 businesses, including suspensions, cancellations, and conditional registrations.    <\/li>\n<p>    <\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/span><\/p>\n<\/div>\n<p>    <\/span><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/australian-regulator-austrac-reviews-50-crypto-service-providers-takes-action-against-13\/\">Australian Regulator AUSTRAC Reviews 50 Crypto Service Providers, Takes Action Against 13<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Australian regulators or the Australian Transaction Reports and Analysis Centre (AUSTRAC) has cracked down on over 50 cryptocurrency exchanges to enforce compliance with anti-money laundering (AML) and counter-terrorism financing (CTF).\u00a0 On 17 February 2025, the AUSTRAC released a press statement revealing that the agency has taken \u201caction against 13 remittance and digital currency exchange providers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-13501","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/13501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13501"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/13501\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}