Australia's financial intelligence agency, AUSTRAC, has announced measures against inactive crypto exchanges that may face deregistration to prevent criminal usage.
Warning of Deregistration
AUSTRAC reports that many crypto exchange providers are no longer operating yet remain on the official register. These exchanges risk deregistration if they fail to voluntarily withdraw.
Fraud Issues in Cryptocurrency
AUSTRAC CEO Brendan Thomas noted that cryptocurrency can be exploited by criminals for money laundering, scams, and other illicit activities. "We are seeing far too many people falling victim to scams involving digital currency," he added.
Plans for Increased Transparency
AUSTRAC also plans to launch a publicly searchable register so consumers can check whether a specific crypto exchange is registered and under regulatory oversight. This step aims to enhance transparency and security in the cryptocurrency space.
The measures taken by AUSTRAC highlight the importance of regularly updating information on crypto exchanges and the need for stringent oversight to minimize risks of fraud and abuse.
