AUSTRAC Cracks Down on ’Zombie’ Crypto Exclaims—Regulators Finally Noticed the Graveyard
Australia’s financial watchdog AUSTRAC just swung a regulatory sledgehammer at dormant crypto exchanges. Turns out ’innovative finance’ includes forgetting you even had a license.
Subheader: Dead wallets walking
At least three platforms face enforcement for failing to meet anti-money laundering rules—or apparently doing anything at all since registration. One hadn’t executed a single trade in 18 months. Who says crypto moves fast?
Subheader: Compliance isn’t HODLing
The purge highlights regulators’ growing intolerance for ’set-and-forget’ operators in digital assets. AUSTRAC’s move follows similar actions by the SEC and FSA—because nothing unites global bureaucrats like moving slower than a Bitcoin transaction during congestion.
Closing jab: Maybe these exchanges were just waiting for the perfect market timing. Too bad their compliance departments weren’t.
Australia’s top finance watchdog, AUSTRAC, is cracking down on inactive crypto exchanges in an effort to stop scammers from taking advantage of weak links in the industry. On April 29, the Unit announced that it is contacting digital currency firms that se... Read More
