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Bitcoin

Australia Financial Financial Agency to take strict measures

The Australian Financial Intelligence Agency told recorded coding exchanges that are not active by withdrawing their records or risking by canceling them due to concerns about the use of sleeping companies in fraud.

There is currently 427 registered encryption exchanges at the Australian Transactions and Analysis Reports Center (Austac), but the agency He said On April 29, a large number of active and perhaps suspected of being subject to and shared by criminals were suspected.

The agency is connected to any digital currency exchange that seems to be no longer circulated, and the CEO of Austra Brendan Thomas said they will be told that they “use it or lose it.”

He added: “The companies registered with Austra must maintain their details updated; this includes details about the services that are no longer provided.”

The CEO of Austra Brendan Thomas says that the fraudsters can use inactive encryption companies to appear legitimate. source: Austra

Companies that want to make Australian transfers between Cash and Crypto, including Crypto ATM service providers, must first register in Austrac, which monitors crimes including money laundering, terrorist financing and tax evasion.

The agency can cancel the registration if it has reasonable reasons for the belief that the work is no longer active or provides encryption services.

Ten companies have been canceled from the Austrac records since 2019, as the latest companies were FTX Express in June 2024, the local subsidiary of Crypto Exchange FTX collapsed.

Austra to launch a general list of recorded stock exchanges

In the wake of the raid in the inactive exchange of encryption, Austra said it would publish a list of recorded exchanges to help Australians verify legal service providers.

Thomas said the goal is to make criminals more difficult to store people and improve the integrity and accuracy of the Austrac record.

He said: “If DCE intends to provide a service, they must contact us, otherwise we will cancel the registration and this information will be added to the registry.”