The Australian Transaction Reports and Analysis Centre (AUSTRAC) has removed 45 crypto and remittance registrations during the past year, citing inactivity, insolvency, reporting failures and crime risks. According to AUSTRAC's latest statement, the regulatory actions removed affected businesses from official registers, with the agency targeting companies that were inactive, insolvent or unable to begin or continue operating. Other cases involved incorrect registrations, failures to report material changes, or elevated money laundering and terrorism financing risks. AUSTRAC CEO Brendan Thomas confirmed that companies with canceled registrations can no longer provide relevant services, with the regulator also referring people associated with some businesses to Australian and overseas law enforcement partners.
AUSTRAC identified GetCoins (BA Digital Ventures) as one company affected by the yearlong sweep, with its virtual asset service provider registration canceled on June 4. The regulator worked with Australia's National Anti-Scam Centre after receiving customer complaints and requested information about GetCoins' operations to assess money laundering exposure. AUSTRAC alleged that the platform was "allegedly exploited by organized cryptocurrency investment scams," though it did not accuse GetCoins or its directors of organizing the schemes. The official register also lists several other virtual asset registration cancellations during 2026, including Self Custody, Jam Xchange, Coinsec Australia, Reserve Currency of Australia and Coast to Coast Vending. Other affected companies include Product.ST, AMSA Fintech and IT Solutions, A.K Smart Trader and Atpay Trading.
AUSTRAC separately suspended Cryptolink's registration for three months beginning August 9, preventing the company from operating its network of 96 cryptocurrency ATMs across Australia. The regulator cited failures involving threshold transaction reports and an unanswered request for information, remaining concerned about Cryptolink's ability to manage high-risk transactions conducted through its machines. Cryptolink had previously completed an enforceable undertaking imposed in October 2025, following alleged breaches involving late threshold reports and weaknesses in anti-money laundering risk assessments. The operator also paid an A$56,340 infringement notice and subsequently failed to meet basic reporting duties despite completing the undertaking.
The Australian Securities and Investments Commission has issued a final warning to crypto businesses relying on temporary enforcement relief, with September 30 serving as the critical deadline for obtaining required financial licenses. According to ASIC's latest guidance, businesses requiring an Australian Financial Services license must complete new applications or variations to existing licenses by the end of this month, with firms needing market operation and clearing and settlement licenses also required to schedule pre-application meetings. The regulator announced on September 3 that businesses must notify ASIC in writing of their intention to apply and hold a pre-application meeting before the deadline, with the no-action position applying to providers of digital asset-related financial products and services. This deadline addresses existing financial services law duties, separate from the Corporations Amendment (Digital Assets Framework) Act 2026, which will take effect on April 9, 2027.
The 45 registration actions follow earlier compliance work across Australia's digital asset sector, with AUSTRAC reviewing more than 50 cryptocurrency providers and taking action against 13 businesses during an earlier campaign. In May 2026, the regulator opened two supervisory campaigns focused on local exchanges and over-the-counter crypto businesses, beginning direct engagement with 36 businesses offering crypto-to-cash services and 27 local exchanges. The reviews examine business models, transaction channels, governance and the ability to identify and manage money laundering risks. Australia's travel rule also began applying to covered virtual asset transfers on July 1, with exchanges now required to collect additional transfer information including details about senders, recipients and associated wallets. These anti-money laundering requirements operate separately from Australia's financial services licensing system, with companies potentially needing both AUSTRAC registration and Australian financial services licenses depending on their services and products.
The September 30 deadline addresses existing financial services law duties, separate from the Corporations Amendment (Digital Assets Framework) Act 2026. As reported by Cointelegraph and crypto.news, Parliament passed this legislation on April 1 and will take effect on April 9, 2027, following an eighteen-month implementation period. The new framework establishes dedicated rules for digital asset platforms and tokenized custody platforms, with ASIC planning to consult on standards and publish further regulatory guidance during the implementation period. The DAF Act provides for an 18-month implementation timeline from passage, with ASIC setting out its roadmap in April 2026 to support industry transition. The current measures focus on introducing immediate oversight of the sector, while the upcoming framework is expected to further specify licensing, custody, and operational standards.
