The Australian Transaction Reports and Analysis Centre (AUSTRAC) has launched a compliance push targeting registered digital currency exchanges (DCEs) that appear to be inactive, urging them to voluntarily withdraw their registrations or risk having them cancelled. AUSTRAC framed the action as a safeguard against inactive registered entities being acquired and misused by criminals. DCEs must be registered with AUSTRAC to offer services exchanging cash for cryptocurrency or vice versa, including via cryptocurrency ATMs. AUSTRAC reported 427 registered DCEs and said it is contacting businesses that appear to no longer be trading; registered entities are required to keep their details up to date, including when services are no longer provided. AUSTRAC can cancel a registration where it has reasonable grounds to believe a business is no longer providing a DCE service, and cancellation decisions are published on its website; DCEs that intend to offer services are expected to contact AUSTRAC, and cancelled entities can re-apply for registration if circumstances change. After the blitz, AUSTRAC will establish a publicly searchable DCE register so customers and the public can verify whether a DCE is registered with AUSTRAC.
Australian Transaction Reports and Analysis Centre (AUSTRAC) 2025-04-29
Australian Transaction Reports and Analysis Centre tells inactive digital currency exchanges to withdraw or face registration cancellation
AUSTRAC has launched a compliance campaign targeting inactive digital currency exchanges (DCEs), urging them to withdraw registrations or face cancellation to prevent criminal misuse. AUSTRAC oversees 427 DCEs and can cancel inactive registrations, with decisions published online. A searchable DCE register will follow.