AUSTRAC Urges Dormant Crypto Exchanges to Withdraw Registrations

Australia’s financial intelligence agency AUSTRAC is cracking down on inactive cryptocurrency exchanges, calling for voluntary deregistration to prevent potential misuse by criminals. Of the 427 registered digital currency exchanges (DCEs), many appear dormant, raising regulatory concerns.

Brendan Thomas, AUSTRAC’s chief executive, emphasized that inactive registrations could become vectors for illicit activity. The agency has begun contacting businesses suspected of non-operation, warning of enforced cancellations for non-compliance.

All DCEs - including crypto ATM operators - must maintain active AUSTRAC registration to legally convert between fiat and digital assets. This move signals Australia’s tightening oversight of crypto infrastructure amid global regulatory trends.