Australia’s financial crime regulator has cancelled, suspended or refused to renew the registrations of 45 remittance and virtual asset service providers over the past year as it increases scrutiny of businesses exposed to money laundering and terrorism financing risks.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced the actions , saying the affected businesses had been removed from its registers.
AUSTRAC said the businesses included firms that were inactive, insolvent or lacked the capacity to start or continue operating. Others failed to maintain the correct registration or notify the regulator about material changes to their operations.Some also presented significant money laundering or terrorism financing risks.
Crypto firms face closer scrutiny
The actions come as Australia strengthens its anti-money laundering and counter-terrorism financing framework for virtual asset businesses.
Under Australia’s current rules, virtual asset service providers must enrol with AUSTRAC and obtain registration before providing regulated services.
AUSTRAC maintains a public record of registration decisions. Its virtual asset register shows that several crypto businesses have had their registrations cancelled or suspended during 2026, including BA Digital Ventures, Self Custody, Jam Xchange and Coinsec Australia.
The regulator has also warned that businesses operating in sectors involving rapid movement of money can face heightened financial crime risks.
“The rapid movement of money across borders can create some of the highest ML/TF risks,”
AUSTRAC CEO Brendan Thomas said.
GetCoins registration cancelled
AUSTRAC said it received complaints through Australia’s National Anti-Scam Centre and subsequently requested information about the company’s operations and its ability to manage money laundering risks.
The regulator cancelled GetCoins’ virtual asset registration on June 4, 2026. AUSTRAC said organised cryptocurrency investment scams had allegedly exploited the business. The regulator did not say that GetCoins itself participated in those scams.
New AML rules expand oversight
The crackdown comes after major changes to Australia’s AML and counter-terrorism financing laws took effect on July 1.
The reforms brought thousands of additional businesses into the AML/CTF framework and introduced new obligations around customer due diligence, suspicious activity reporting and record keeping. For remittance businesses and virtual asset providers, registration remains a requirement before they can provide covered services.
AUSTRAC’s latest actions show that registration alone does not guarantee continued permission to operate. Businesses can lose their registration if they become inactive, fail to meet regulatory requirements or present unacceptable financial crime risks.
The regulator also said people linked to some of the affected businesses have been referred to law enforcement and regulatory partners in Australia and overseas.
For Australia’s crypto sector, the removals signal a more active enforcement approach as regulators place greater emphasis on knowing who operates virtual asset businesses and whether those firms can manage financial crime risks.
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