Australia Cracks Down on Crypto: 45 Firms Lose Their Registration

Australia is getting much stricter about who gets to operate in its crypto and remittance industry.

On September 7, 2026, Australia’s financial crime regulator AUSTRAC announced that it had cancelled, suspended, or refused to renew the registrations of 45 remittance and virtual asset service providers (VASPs) over the past year.

The businesses were removed from AUSTRAC’s registers for a range of reasons.

Some did not have the operational capacity to continue trading.

Others were dormant, inactive, insolvent, improperly registered, or failed to report material changes.

In some cases, AUSTRAC identified significant money laundering or terrorism financing risks.

And the message from Australia’s regulator is becoming increasingly clear:

Being registered is not enough. Crypto and payment businesses have to prove they can actually manage financial crime risks.

Why Did AUSTRAC Remove 45 Businesses?

The 45 actions were not all identical.

AUSTRAC used a combination of cancellations, suspensions and refusals to renew registrations.

The regulator said businesses were targeted when they:

• Did not have the operational capacity to start or continue trading
• Were dormant or inactive
• Had not provided designated services for an extended period
• Became insolvent
• Did not hold the appropriate registration
• Failed to notify AUSTRAC about material changes
• Presented significant money laundering or terrorism financing risks

That distinction matters.

The announcement does not mean that all 45 companies were accused of money laundering or terrorism financing.

Instead, it shows that AUSTRAC is actively cleaning up its registration system and removing businesses that no longer meet the requirements for operating in these high-risk sectors.

For companies that had their registrations cancelled, the consequence is straightforward:

They can no longer operate the relevant regulated services.

This Is Not Just About Crypto

One important detail is easy to miss.

The 45 businesses include both remittance providers and virtual asset service providers.

That means AUSTRAC’s latest enforcement push is broader than the crypto industry alone.

Remittance businesses can move money across borders, while crypto platforms can facilitate the transfer or conversion of digital assets.

Both sectors can move money quickly across jurisdictions.

That makes them particularly important from an anti-money laundering and counter-terrorism financing perspective.

AUSTRAC CEO Brendan Thomas said the actions reinforce the regulator’s expectations for businesses operating in these areas.

The underlying message is simple:

If a company wants access to Australia’s regulated financial system, it has to maintain the systems and controls necessary to manage financial crime risks.

The GetCoins Case Shows Why Regulators Are Watching

One of the most notable examples connected to the crackdown is BA Digital Ventures Pty Ltd, which operated under the name GetCoins.

AUSTRAC said it received customer complaints and worked with Australia’s National Anti-Scam Centre to assess the company’s operations and its ability to manage money laundering risks.

The regulator subsequently cancelled GetCoins’ registration.

AUSTRAC said the business had allegedly been exploited by organised cryptocurrency investment scams and that the action helped disrupt scam activity connected with the business.

That does not mean AUSTRAC accused GetCoins itself of running the scams.

The distinction is important.

The regulator’s concern was also about whether the business had the appropriate controls to prevent its infrastructure from being exploited.

And that is becoming a major issue across the crypto industry.

Crypto Platforms Are Becoming Part of the Financial Crime Battle

For years, crypto regulation often focused on whether digital assets should be treated as securities, commodities, payment instruments or something else.

But another regulatory question has become just as important:

Can crypto businesses prevent criminals from using their platforms?

That includes monitoring transactions, identifying suspicious activity, understanding customers, maintaining appropriate compliance programs and reporting relevant information to authorities.

For regulators such as AUSTRAC, these controls are not optional extras.

They are part of the conditions for operating.

And Australia’s latest actions show that regulators are increasingly willing to remove businesses that fail to meet those expectations.

Australia Is Tightening Its Crypto Oversight

The 45 registration actions are also happening alongside other regulatory moves.

AUSTRAC recently suspended the registration of crypto ATM operator Cryptolink, forcing its 96 cryptocurrency ATMs offline for the duration of the suspension.

The regulator also issued the company an infringement notice of A$56,340, which was later paid.

Then, on September 1, AUSTRAC announced an investigation into Western Union over its management of high-risk payment channels, customers and affiliates.

That investigation is separate from the 45 registration actions, but together the developments show a broader pattern.

AUSTRAC is looking closely at businesses that help move money.

And crypto is firmly inside that conversation.

Why Does This Matter for Crypto Companies?

The biggest takeaway for crypto businesses operating in Australia may be that regulatory registration is becoming an ongoing responsibility rather than a one-time approval.

A company cannot simply obtain registration and assume it is protected indefinitely.

It needs to remain operational.

It needs the right systems.

It needs to keep its registration information accurate.

It needs to report material changes.

And it needs to demonstrate that it understands and manages its financial crime risks.

That could raise the cost of doing business for smaller crypto companies.

But it could also have another effect.

It may make the Australian crypto market more difficult to enter, while making it more difficult for poorly managed operators to stay in the market.

What Happens to Businesses That Lose Registration?

For businesses whose AUSTRAC registration is cancelled, the consequences can be serious.

They can no longer provide the relevant regulated services covered by that registration.

AUSTRAC also said that, where appropriate, it referred individuals associated with some businesses to law enforcement and regulatory partners in Australia and overseas.

That highlights another important part of the crackdown.

Financial crime does not stop at national borders.

A crypto business operating in Australia may have customers, counterparties or transactions connected to other countries.

Regulators therefore increasingly need to work together.

Australia Is Moving Toward a More Mature Crypto Market

At first glance, removing 45 companies may look like bad news for the crypto industry.

But there is another way to look at it.

A more mature crypto market needs clear rules.

It also needs regulators willing to enforce those rules.

The alternative is a market where legitimate companies have to compete with businesses that do not maintain proper compliance systems.

That can create reputational risks for the entire industry.

By removing inactive, insolvent or high-risk businesses, AUSTRAC is effectively trying to make the regulated part of the market more reliable.

The challenge will be finding the right balance.

Too little enforcement can allow bad actors to operate.

Too much regulatory pressure can make it difficult for legitimate startups and smaller fintech companies to compete.

The Impact on Australian Crypto Users

For ordinary crypto users, the crackdown may not immediately change how they buy or sell digital assets.

But it could affect which companies remain available in the market.

Users may increasingly see regulation and compliance as part of the process of choosing a crypto platform.

That could mean greater attention to whether a provider is properly registered, whether it has transparent operations and whether it maintains appropriate security and compliance standards.

In the long run, that could push the market toward fewer but more established operators.

The Bigger Picture

Australia’s decision to remove 45 crypto and remittance businesses is bigger than a simple list of registrations being cancelled.

It shows how regulators are changing their approach to financial technology.

Crypto businesses are no longer being judged only by whether their technology works.

They are increasingly being judged by whether their business operations, governance and compliance systems can withstand real-world financial crime risks.

That is an important shift.

The crypto industry spent years arguing that digital assets represented a new financial system.

Now regulators are increasingly treating the companies behind that system like financial businesses that must meet serious operational standards.

And Australia appears determined to enforce that principle.

The message from AUSTRAC is becoming harder to ignore:

If you want to move money in Australia’s crypto or remittance market, having a registration is only the beginning.

You also have to prove that you deserve to keep it.

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