Australia’s financial regulators are following inactive crypto companies, still appearing on the official list. The Australian Center for Trading Reporting and Analysis (Australia) revealed on Tuesday that it will remove registration from exchanges that have stopped trading but are still on the books.
“Use or Lose It” Warns Dormant Communication
Australians have noticed a related model among the 427 registered Australian cryptocurrency exchanges. They were largely abandoned, but were still active on the register.
CEO Brendan Thomas sends a terrible warning to these ghost operations. “We are warning these businesses: use or lose it,” Thomas said. These agencies suspect that criminals will purchase these idle businesses and utilize their current registration.
Any transaction that exchanges currency into cryptocurrencies, such as ATM operators, must be registered in Australia in accordance with existing regulations. The agency monitors money laundering, terrorist financing and tax evasion through these businesses.
Australia Warning Warns Inactive Encrypted Exchange to Eliminate or Cancel Face Cancel
Australia’s anti-money laundering regulator, @austracInvalid cryptocurrency exchanges including FTX Express and Access Australia have been warned unless they…
– Coinness Global (@coinnessgl) April 29, 2025
10 registrations have been canceled since 2019
Australians didn’t stand out from the divestiture approval when needed. According to records, ten companies have been cancelled in the past five years. The latest is the opposition to FTX Express in June 2024, with Australia’s global crypto exchange FTX collapsed.
The cancellation measures show that Australians have the right to strike from their registration when there is reasonable reason to suspect that they no longer exist or provide crypto services.
As of today, the market cap of cryptocurrencies stood at $2.91 trillion. Chart: TradingView
Public list to assist Australians in identifying real providers
To protect consumers, Australia will release an official list of registered exchanges. The move will help Australians verify whether crypto services are real before taking risks.
Thomas explained that the public should be confident that they can identify legal cryptocurrency providers registered and regulated oversight. “We are driving criminals out of this industry,” he said.
The list is designed to increase trust in the cryptocurrency industry by making it easier to find the right business to register.
Australia’s financial regulator targets inactive crypto exchanges. Image: Phongphan Supphakank/stock.adobe.com
As the election approaches, wider suppression
Austrac’s goal for ghost communication is part of its broader enforcement driver. In February, regulators took action against more than a dozen remittance providers and exchanges. Sources show that about 50 businesses are investigating potential rule violations.
Six providers were denied renewal of registration because the principal officer was convicted, prosecuted or prosecuted for serious offences.
This purge comes as Australia continues to enact broader crypto regulations. The Labor Party held a discussion with industry experts on the new regulations in August 2022. In March this year, the government proposed regulatory exchanges under the current financial legislation.
These regulatory moves are becoming more important ahead of the federal election on May 3, demonstrating how digital currency regulation has become a key political priority in Australia.
Featured images by Gemini Imagen, charts by TradingView
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