AUSTRAC Removes 45 Remittance And Crypto Registrations As ASIC Licensing Deadline Nears

Australian regulators are intensifying oversight of cryptocurrency and high-risk payment businesses, with AUSTRAC removing 45 remittance and virtual asset service provider registrations over the past year as a separate September 30 digital-asset licensing deadline approaches.

 

TL;DR

 

• AUSTRAC cancelled, suspended or refused renewal of 45 remittance and VASP registrations over the past year.
• Reasons ranged from inactivity and insolvency to significant money-laundering risks.
• GetCoins lost its registration after scrutiny linked to alleged cryptocurrency investment scams.
• ASIC says affected digital-asset firms have until September 30 to meet licensing conditions.

 

The Australian Transaction Reports and Analysis Centre (AUSTRAC) said it has cancelled, suspended or refused to renew 45 registrations belonging to remittance providers and virtual asset service providers (VASPs) during the past year.

The enforcement actions did not all stem from alleged criminal activity.

According to AUSTRAC's September 7 announcement, affected businesses included companies that were dormant or inactive, insolvent, lacked the capacity to continue trading, failed to hold the correct registration or did not notify the regulator about material changes. Some were also identified as presenting significant money-laundering or terrorism-financing risks.

Businesses whose registrations were cancelled can no longer operate under those registrations.

"The rapid movement of money across borders can create some of the highest ML/TF risks," AUSTRAC CEO Brendan Thomas said.

AUSTRAC also said individuals connected with some affected businesses had been referred to Australian and overseas law-enforcement and regulatory partners where appropriate.

 

GetCoins Registration Cancelled After Scam Complaints

 

One virtual asset provider highlighted by AUSTRAC was BA Digital Ventures Pty Ltd, which traded as GetCoins.

AUSTRAC said it worked with Australia's National Anti-Scam Centre following customer complaints involving GetCoins and requested information about the company's ability to manage money-laundering risks.

The regulator said the VASP was allegedly exploited as part of organised cryptocurrency investment scams and that cancelling its registration helped disrupt that activity.

The claim relates specifically to GetCoins and should not be interpreted as evidence that all 45 affected registrations were linked to scams or criminal conduct.

AUSTRAC's action forms part of broader scrutiny of high-risk payment and virtual asset businesses. The regulator recently opened an investigation into Western Union and separately acted to suspend Cryptolink's crypto ATM network.

Crypto Firms Face September 30 ASIC Licensing Deadline

 

The enforcement push comes as Australia's corporate regulator separately approaches an important deadline for digital-asset businesses.

ASIC says businesses relying on its sector-wide no-action position have until September 30, 2026 to apply for or vary an Australian Financial Services licence where required.

The transitional position applies to providers of certain digital asset-related financial products and services.

From October 1, firms that require a licence or authorisation but have not satisfied the conditions of ASIC's transitional position could be operating in breach of financial-services law and face civil or criminal penalties.

ASIC said potential fines can reach up to 10% of annual turnover. The regulator has already recorded more than 45 licence applications from businesses seeking relevant digital-asset financial-services authorisations since its guidance was updated in October 2025.

The deadline comes ahead of another major change to Australia's digital-asset regulatory framework.

The Corporations Amendment (Digital Assets Framework) Act 2026 is scheduled to take effect on April 9, 2027, with ASIC planning further standards, regulatory guidance and industry engagement as the new regime is implemented.

Together, AUSTRAC's removal of registrations and ASIC's licensing deadline signal increased regulatory scrutiny for cryptocurrency, virtual-asset and high-risk payment businesses operating in Australia.