Australia’s financial intelligence regulator AUSTRAC announced on Sept. 7 that it canceled, suspended, or refused to renew 45 remittance and virtual asset provider registrations over the past year, underscoring how regulatory failures can result in businesses losing operational permissions.
The actions spanned both sectors, with AUSTRAC removing the affected businesses from its registers. According to CEO Brendan Thomas, entities with canceled registrations are no longer permitted to operate.
AUSTRAC previously canceled the registration of GetCoins, a virtual asset service provider operating under the name BA Digital Ventures Pty Ltd, with the cancellation effective June 4, 2026. This decision was linked to disruptions of alleged cryptocurrency investment scams, according to the regulator.
The regulator collaborated with the National Anti-Scam Centre on GetCoins following customer complaints, requesting operational details to evaluate its capacity to manage money laundering risks.
GetCoins was allegedly used to facilitate cryptocurrency investment scams. AUSTRAC and the anti-scam center’s joint efforts reportedly disrupted organized scam activity, though no direct evidence links GetCoins to orchestrating criminal operations.
AUSTRAC emphasized that the disclosure did not establish GetCoins as the organizer of the scams but highlighted the disruption caused by their activities.
Regulatory guidelines require businesses offering digital currency exchange or virtual asset services to maintain valid registration. Revocation or suspension of registration strips these entities of legal authority to operate. AUSTRAC may refuse applications, suspend registrations, or deny renewals if it identifies unacceptable risks related to money laundering, terrorism financing, or other serious crimes. It may also impose conditions to mitigate such risks.
Across its enforcement actions, AUSTRAC cited issues including insufficient operational capacity, dormant business status, insolvency, inadequate registration, and failures to report material changes. Significant money laundering or terrorism financing risks were also cited as grounds for action.
These factors apply to the broader enforcement activities, not specifically to GetCoins. The total figure of 45 does not represent all crypto firms losing registration through cancellation, as the announcement lacks sector-specific breakdowns.
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