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Australia Tightens Crypto Regulation With 45 Firms Removed

Australia Tightens Crypto Regulation With 45 Firms Removed

AUSTRAC said revoked registrations included businesses that were dormant, insolvent, or unable to continue operations.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 8 September 2026 17:56 IST

Australia Tightens Crypto Regulation With 45 Firms Removed

Photo Credit: Unsplash/Kanchanara

GetCoins was among the businesses whose registration was cancelled during the regulatory sweep

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Highlights

AUSTRAC said revoked firms can no longer provide services
Some entities were referred to law enforcement agencies
ASIC separately set a September 30 licensing deadline

The Australian regulator of financial intelligence released a statement on September 7, saying that it had suspended, cancelled or denied renewal for 45 crypto and remittance registrations in the last one year. According to the Australian Transaction Reports and Analysis Centre, the AUSTRAC registrations are on its register. However, the organisation could not identify all 45 businesses and did not state whether the businesses were virtual asset service providers or remittance organisations. According to their statement, AUSTRAC aimed at businesses that were dormant, insolvent, or incapable of starting or continuing operations.

GetCoins Registration Revoked After Scam-Related Complaints

AUSTRAC said that the other cases were due to inaccurate registration, failure to notify changes in the material information, or a higher risk of money laundering and terrorism financing activities. According to Brendan Thomas, CEO of AUSTRAC, the businesses whose registrations have been revoked cannot offer any service anymore. The regulator referred individuals connected with some firms to law enforcement agencies in Australia and abroad.

This is an example of an administrative or supervisory action rather than a determination of criminal behavior by all 45 firms. The conditions cited by AUSTRAC include non-activity, insolvency, and even alleged exposure to financial crime. AUSTRAC discovered that BA Digital Ventures, operating as GetCoins, was among those entities affected by the sweep exercise. According to the agency's public register, the cancellation of its virtual asset service provider registration took place on June 4.

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One such company noted by AUSTRAC was BA Digital Ventures, trading under the name of GetCoins. Its VASP registration was revoked on June 4, as per the records maintained on the AUSTRAC public register. The regulator coordinated with the National Anti-Scam Centre of Australia following complaints from customers. AUSTRAC requested details on the operations of GetCoins to find out whether the company can control its money laundering risk. “This VASP was allegedly exploited by organised cryptocurrency investment scams,” AUSTRAC said.

Last week, the financial regulatory body also issued its last warning on September 2 to crypto companies depending on temporary enforcement relief. These businesses will need to apply for the necessary licence by September 30 in order to comply with current financial services regulations. The Australian Securities and Investments Commission (ASIC) said that businesses operating without being licensed from October 1 would be liable to legal consequences.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: AUSTRAC, crypto regulation, Crypto Australia

Rahul Dhingra

Email Rahul Dhingra

Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More