AUSTRAC cancels 45 crypto and remittance registrations in yearlong crackdown

Sep 7, 2026

The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced on September 7, 2026, that it canceled, suspended, or refused to renew 45 remittance and virtual asset provider registrations over the past year. The enforcement sweep targeted inactive, insolvent, or high-risk businesses, including BA Digital Ventures (trading as GetCoins), which was allegedly exploited by organized cryptocurrency investment scams, and Cryptolink Pty Ltd, whose suspension shut down 96 crypto ATMs.

AUSTRAC registration cancellations

▪The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced on September 7, 2026, that it canceled, suspended, or refused to renew 45 remittance and virtual asset provider registrations over the preceding year
▪AUSTRAC has initiated an investigation into Western Union, though the agency has not disclosed specific findings from the inquiry
▪AUSTRAC CEO Brendan Thomas stated that individuals connected to some of the deregistered businesses have been referred to Australian and overseas law enforcement or regulatory partners

GetCoins scam exploitation

▪AUSTRAC worked with the National Anti-Scam Centre to cancel GetCoins' registration, stating the business was allegedly exploited by organized cryptocurrency investment scams
▪AUSTRAC's action against GetCoins was framed as a disruption measure, with no customer funds recovered or criminal findings established against GetCoins itself
▪AUSTRAC canceled the virtual asset registration of BA Digital Ventures Pty Ltd, trading as GetCoins, on June 4, 2026, following customer complaints

Registration enforcement grounds

▪AUSTRAC cited grounds for its registration actions including inactive or dormant businesses, insolvency, lack of operating capacity, incorrect registrations, and failures to report material changes
▪AUSTRAC also cited significant money laundering, terrorism financing, or other serious crime risks as grounds for refusing, suspending, or canceling registrations

Operating permission requirements

▪Under AUSTRAC guidance, businesses providing digital currency exchange or virtual asset services must be registered to legally provide those services in Australia
▪AUSTRAC CEO Brendan Thomas confirmed that businesses whose registrations are canceled lose their legal permission and can no longer operate in Australia

Cryptolink ATM suspension

▪AUSTRAC suspended the registration of Cryptolink Pty Ltd on August 9, 2026, which shut down 96 cryptocurrency ATMs across Australia
▪AUSTRAC's public virtual asset service provider register lists recent regulatory actions involving GetCoins, Cryptolink, Self Custody, Jam Xchange, and Coinsec Australia

Debatable claims

▪AUSTRAC's suspension of crypto ATM networks is a justified enforcement measure
▪AUSTRAC should not cancel registrations without establishing criminal findings
▪Cryptocurrency platforms should be held liable when scammers exploit their services