AUSTRAC revokes 45 crypto payment licenses

TLDR

Australia's AML regulator AUSTRAC has removed 45 registrations for crypto and remittance payment providers over the past year as part of a crackdown on high risk businesses.

1. AUSTRAC canceled, suspended or refused to renew 45 registrations for remittance and virtual asset providers after finding inactivity, insolvency or serious AML and terrorism financing risk.
2. Affected firms lose legal permission to operate in Australia, which can disrupt some crypto ATMs, remittance routes and smaller exchanges serving Australian customers.
3. Regulatory pressure on Australian crypto is likely to keep rising as AUSTRAC and ASIC tighten rules ahead of new digital asset legislation.

Deep Dive

1. Scope Of AUSTRACs Crackdown

AUSTRAC said it has over the past year canceled, suspended or refused to renew 45 registrations covering both crypto and traditional remittance providers.

The targets included businesses that were dormant, insolvent, lacked capacity to comply, failed to report material changes, or presented significant money laundering or terrorism financing risk. AUSTRAC has stressed that entities whose registrations are canceled can no longer operate within the regulated system.

Reports highlight BA Digital Ventures, trading as GetCoins, whose virtual asset registration was canceled after customer complaints and its alleged exploitation by organized crypto investment scams. AUSTRACs public VASP register also shows recent actions involving providers such as Cryptolink, Self Custody, Jam Xchange and Coinsec Australia, though not all 45 firms have been named.

2. How This Hits Users And Platforms

Losing AUSTRAC registration removes permission to offer covered services like remittance or digital currency exchange to Australian customers. Finance Magnates notes that AUSTRAC has removed 45 remittance and virtual asset businesses from its AML registers, with some cases referred to law enforcement.

Practically, this can mean shutdowns of particular crypto ATM networks, certain on and off ramp providers, and smaller platforms that relied mainly on AUSTRAC registration rather than full securities licensing. Larger exchanges that remain registered and, in some cases, hold Australian Financial Services (AFS) licenses are less directly affected, though they still face heavier scrutiny on AML controls.

3. What To Watch Next

AUSTRACs move is part of a broader enforcement wave. It has opened an investigation into Western Union and previously ordered a temporary shutdown of dozens of crypto ATMs, signalling ongoing monitoring of high risk payment channels.

Separately, ASIC is pushing digital asset businesses toward full licensing, with a deadline for firms currently relying on its no action relief and more than 45 licence applications already lodged. Together with AUSTRACs actions, this points to a regime where Australian facing crypto platforms increasingly need both AML registration and formal financial licences, rather than lighter touch registration alone.

Conclusion

AUSTRACs removal of 45 crypto and remittance registrations tightens the gate around Australias payment rails, especially at the smaller provider end. For crypto users, the main impact is not a blanket ban but a steady shift toward fewer, more heavily regulated on and off ramps, making it important to track which platforms remain fully registered and licensed as the rulebook hardens.