Quantcast

CEO of AUSTRAC on tighter regulations: We want to identify and 'eliminate non-compliant providers'

Circle CEO predicts US stablecoin law for 2024
Gemini obtains VASP approval in France: CNBC
Cryptocurrencies: the European Banking Authority “harmonizes” the PSAN sector
PayPal's stablecoin continues its rise with a market cap of more than $290 million
Binance to list crypto Manta Network (MANTA)
Attention explosion, this new listing from Binance promises
Crypto Start-ups in Europe: Opportunities and Challenge
Binance BNB: Between optimism and caution for 2024
The Last Man Standing in Crypto
Weekly Preview: Coinbase v. SEC, big token unlocks, and more
Binance Labs leads SkyArk Chronicles funding round
Crypto: Is the market at half mast again?
The impact of government regulation on cryptocurrencies
Bitcoin on X? Elon Musk opens the door to this possibility
Celebrating 25 years of the euro: a retrospective and future outlook
Bitcoin Documentary Wins Award at Cannes
The AMF and the ACPR warn the public against the activities of several players who offer investments in Forex and derivative products on crypto-assets in France without being authorized to do so
BitPay customers can now purchase goods and pay bills in BNB, LINK and UNI
A Hack of the S.E.C.’s Social Media Account Caused a Bitcoin Frenzy, Briefly
Cryptocurrencies and NFTs in France: CryptOx'R 2024 brings together Web3
Bitcoin swings sharply after false claim that SEC approved ETFs
New proof of reserves for Binance: the exchange finally cleared?
Ternoa gets into DeFi: smart contracts arrive on the betanet
Bitcoin: More than 6,000 merchants accept BTC in their store
Coinbase plans acquisition to expand derivatives offering in EU
Coin Center executive director: New IRS crypto reporting rule 'is not only unconstitutional but also virtually impossible to comply with'
Healthcare blockchain project Galeon wins three awards and soars at CES Las Vegas 2024
Binance US Branch Hires New Compliance Officer
Visa unveils Web3 customer loyalty solution
Digital Euro: the European Central Bank is active around its MNBC
CEO of AUSTRAC on tighter regulations: We want to identify and 'eliminate non-compliant providers'
Web3/Crypto
Webp  56
Brendan Thomas, CEO of AUSTRAC | AUSTRAC

Brendan Thomas, CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC), announced that the agency is intensifying enforcement against remittance and digital currency exchange providers by tightening reporting requirements. This statement was released in a press release on February 17.

"Late last year AUSTRAC cancelled, suspended and refused renewals of registration for 9 providers that had failed to meet their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act," said Thomas. "A further 2 providers had conditions placed on their registrations and are now on notice - a failure to meet these conditions may lead to suspension or cancellation of their registrations. Early last year we initiated an investigation to identify and eliminate non-compliant providers and improve the industry's reporting on suspicious matters. The blitz follows AUSTRAC's analysis that identified systemic non-reporting and under-reporting in the remittance and digital currency exchange sectors."

According to the press release, AUSTRAC's crackdown follows a year-long investigation into widespread non-compliance with anti-money laundering laws. The enforcement actions included removing Zipmex Australia Pty Ltd and FTX Express Pty Ltd from the Digital Currency Exchange Register due to insolvency. AUSTRAC cited systemic under-reporting of suspicious transactions as a key concern, emphasizing that digital currency exchanges play a critical role in detecting financial crime. With over 50 additional businesses under scrutiny, AUSTRAC warned that further regulatory actions could follow if compliance issues persist.

Get the Newsletter
Sign-up to receive weekly round up of news from Crypto Republique
By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

A December 2024 report by The Australian noted that the Australian Securities and Investments Commission (ASIC) proposed that cryptocurrency companies must obtain an Australian Financial Services Licence (AFSL) or provide justification for exemption. Industry leaders, such as Swyftx CEO Jason Titman, expressed concerns about these regulations having "far-reaching implications," potentially leading to industry consolidation. Binance's head of regional markets, Vishal Sacheendran, highlighted the necessity for "clear and proportionate regulation" to balance innovation with consumer protection and market integrity. The industry remains cautious about regulatory frameworks that do not stifle growth.

In line with Australia's stringent anti-money laundering and counter-terrorism financing regulations, companies like Binance Australia have implemented advanced security measures to safeguard user assets. These measures include multi-signature and threshold signature schemes (TSS), which enhance digital wallet security by requiring multiple approvals for transactions, thereby reducing unauthorized access risks.

According to AUSTRAC, Brendan Thomas began his five-year term as Chief Executive Officer on January 29, 2024. In this role, he leads Australia's financial intelligence unit and anti-money laundering and counter-terrorism financing regulator, focusing on strengthening the financial sector against criminal exploitation and providing intelligence to national security and law enforcement partners.

The Australian Transaction Reports and Analysis Centre is the nation's financial intelligence agency and regulator established in 1989 under the Financial Transaction Reports Act 1988. It is responsible for monitoring financial transactions to identify and combat money laundering, organized crime, tax evasion, welfare fraud, and terrorism financing.

More News

The Australian Securities and Investments Commission (ASIC) has issued a warning to investors regarding unlicensed crypto asset futures products offered by Bitget, as said in a public announcement.

Jul 29, 2025

Binance has announced an expansion of its institutional off-exchange settlement services, introducing support for two tokenized real-world assets, USYC and cUSDO, which can now be pledged as collateral.

Jul 28, 2025

Vitalik Buterin, co-founder of Ethereum, has said that approximately half of the network's stake supports an increase in the Ethereum Layer 1 (L1) gas limit.

Jul 28, 2025

Michael Saylor, executive chairman of Strategy, formerly known as MicroStrategy, announced on X that the company’s bitcoin holdings increased by 6,220 BTC, resulting in a year-to-date yield of 20.8 percent for 2025.

Jul 28, 2025

Changpeng Zhao, founder of Binance, indicated that interest in altcoins might be on the rise as CoinMarketCap's Alt Season Index shows an upward trend.

Jul 28, 2025

Charlie Bilello, chief market strategist of Creative Planning, said that gold and bitcoin lead all major asset classes in performance for 2025, marking a unique occurrence.

Jul 18, 2025