December 5, 2022

Australia regulator has registered 312 cryptocurrency exchanges and exchanges

The press service of the Australian financial regulator confirmed that the number of registered exchanges and Cryptocurrency exchangers have grown significantly. AUSTRAC has already licensed 312 organizations.

The Australian Center for Accounting and Analysis of Financial Transactions (AUSTRAC), a financial intelligence agency and anti-money laundering agency, has been regulating the work of cryptocurrency companies since April 2018.

The regulator’s press service said Mondaythat “since the spring of 2018, AUSTRAC has been regulating the work of digital currency exchange service providers in order to minimize the risk of criminals using them for money laundering, terrorist financing and cybercrime.” AUSTRAC stated:

“At present, AUSTRAC has 312 registered cryptocurrency exchange service providers.”

Since February last year, the regulator registered66 new exchangers and brig. The agency’s press service explained that the Australian Anti-Money Laundering and Terrorist Financing Act of 2006 requires cryptocurrency exchanges and exchanges to be officially registered with AUSTRAC and implement measures to control money laundering and combat the financing of terrorism. ” According to the agency website:

“If you want to provide exchange servicesdigital currency, you must register with AUSTRAC before starting work. It is against the law to provide cryptocurrency exchange services in Australia without registering. ”

If registered exchangers and cryptocurrency exchanges do not fulfill their obligations to combat money laundering and the financing of terrorism, AUSTRAC can take law enforcement actions.

At the moment, the regulator revoked the license fromthree companies: Webpark, Auscoin ATM, and ACN 625,238,735. Three more companies were denied registration: Jwon1, Easy Bitcoin Trading, and The Gold Buying Company. In March last year, it was reported that AUSTRAC suspended the operation of two cryptocurrency exchanges due to suspicions of money laundering. At the same time, a full list of registered cryptocurrency exchange services is not published on the regulator's website.