Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 13285
Markets: 101696
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
America's Social Casino

Market Cap
24h Vol
13285
Cryptocurrencies
61.55%
Bitcoin Share
The Coin Rise 2025-04-30 09:05:05

Australia Cracks Down on Dormant Crypto Exchanges to Combat Scam Risks

Australia Cracks Down on Dormant Crypto Exchanges to Combat Scam Risks

Australia financial watchdog, AUSTRAC, has begun a targeted effort to purge its registry of dormant crypto exchanges, warning inactive firms to voluntarily withdraw or face deregistration. In a statement issued April 29, the agency expressed concern that unused digital currency exchange (DCE) licenses could be misused by malicious actors to facilitate scams or illicit activities . Inactive Exchanges Face Deregistration in Australia Currently, 427 crypto exchanges are registered with AUSTRAC, but a significant number are suspected of being non-operational. CEO Brendan Thomas made the agency’s stance clear: if a business isn’t actively trading or offering crypto-related services, it should no longer appear on the register. “We’re asking them to use it or lose it,” he said, adding that outdated registration information not only undermines transparency but poses a security risk. Under Australian law, any business offering crypto-to-cash conversions—including crypto ATMs—must register with AUSTRAC, which oversees compliance with anti-money laundering, counter-terrorism financing, and tax evasion regulations. The agency has the authority to revoke a registration if it believes the business is no longer functioning. Since 2019, ten firms have had their registrations canceled, including the ill-fated FTX Express in June 2024. Shield Consumers from Scams AUSTRAC has also announced it will soon publish a public-facing list of registered crypto exchanges. The goal, Thomas said, is to allow consumers to verify which exchanges are compliant and which are not. “Members of the public should feel confident that they can identify legitimate cryptocurrency providers,” he said. Any inactive business that fails to notify the agency will be removed from the register and added to this new public list. The move is seen as a step toward reinforcing Australia’s broader financial ecosystem and restoring public trust in the wake of several high-profile exchange collapses and scams . AUSTRAC has already taken firm action in recent months, refusing registration renewals for six firms whose personnel faced serious legal charges, and launching investigations into over 50 others for compliance breaches. Regulatory Framework on the Horizon While this cleanup is a positive stride, Australia is still in the process of drafting formal crypto regulations. Since August 2022, the Labor government has conducted industry consultations aimed at shaping a legislative framework. In March 2025, just ahead of the upcoming federal election on May 3 , the government proposed applying existing financial services laws to crypto exchanges. The post Australia Cracks Down on Dormant Crypto Exchanges to Combat Scam Risks appeared first on TheCoinrise.com .

Most Read News

Moralis Money
Market Cap
24h Vol
61.55%
Bitcoin Share
519
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.