Australia's Crypto Crackdown is Getting Serious

AUSTRAC Pulls 45 Registrations in Yearlong Sweep

Australia's financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC), is stepping up enforcement across the country's digital asset sector. The regulator announced on September 7, 2026 that it had canceled, suspended, or refused to renew 45 registrations for remittance dealers and virtual asset service providers over the preceding 12 months.

AUSTRAC said the actions targeted providers that were inactive, insolvent, or lacked the capacity to operate. It also cited failures to report material changes, incorrect registrations, and cases presenting significant money laundering or terrorism financing risks.

CEO Brendan Thomas stated that businesses with revoked registrations have lost their legal standing to operate within Australia's financial system. He further announced that individuals linked to some of these entities have been referred to domestic and international law enforcement or other regulatory bodies for possible further action.

"We are proactively identifying and removing businesses that do not meet the expectation set by the registration regime, and we will continue to remove businesses that pose a significant money laundering or terrorism financing risk," Thomas said.

GetCoins, Cryptolink Among High-Profile Cases

The sweep included some notable enforcement actions. AUSTRAC linked the cancellation of GetCoins, a virtual asset service provider identified as BA Digital Ventures Pty Ltd, to the disruption of alleged cryptocurrency investment scams. Its registration was canceled on June 4, 2026. AUSTRAC said it worked with the National Anti-Scam Centre on the case following customer complaints.

In August, AUSTRAC also suspended the registration of crypto ATM operator Cryptolink Pty Ltd for three months, beginning August 9, requiring the company to take its 96 cryptocurrency ATMs offline. Although Cryptolink had previously met the conditions of an earlier enforceable undertaking, AUSTRAC said the company subsequently failed to meet basic reporting obligations, particularly requirements to submit threshold transaction reports, and also failed to respond to an AUSTRAC request for information.

Separately, 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, as well as whether providers are prepared for Australia's expanded anti-money laundering framework.

Thomas made the regulator's expectations plain: "Our message to industry is clear: understand and manage your risks and meet your reporting obligations, or you may not be able to continue operating."

Sources:
AUSTRAC Removes 45 Crypto and Remittance Firms From Registers, The Crypto Times
Australia Cancels GetCoins Registration Following Scam Complaints, CryptoSlate
Australia Tightens Crypto Oversight With 45 Registration Actions, CoinTelegraph