Australia's Financial Watchdog Declares War on Ghost Crypto Exchanges

Boom or Bust: AUSTRAC Targets Inactive Crypto Platforms

Hang onto your hats, crypto fans! Australia's financial intelligence agency isn't messing around. They're on a mission to clean up the crypto scene by targeting ghost exchanges that could be a playground for criminals.

The Australian Transaction Reports and Analysis Centre, or AUSTRAC as the cool kids call it, is cracking down hard. They've spotted a bunch of crypto exchange providers that have gone silent but are still chilling on the official register. If these zombies don't voluntarily pull the plug, they're at risk of getting the boot.

In a fiery press release dropped on Tuesday, AUSTRAC revealed there are 427 registered crypto exchanges in the land down under. But they're not just sitting back; they're reaching out to those that seem to have vanished into thin air.

"Businesses registered with AUSTRAC need to keep their info fresh, especially about services they've stopped offering. Our intel shows that cryptocurrency is a hot target for money laundering, scams, and money mule shenanigans. We're seeing way too many folks getting scammed with digital cash."

AUSTRAC CEO Brendan Thomas

Listen up, crypto warriors! AUSTRAC made it crystal clear: all crypto exchanges and ATM providers must be registered before they can start swapping digital coins for cold, hard cash. Why? Because these platforms are prime targets for misuse.

Thomas dropped the hammer, saying businesses in the crypto exchange game are in a "high risk sector." And since AUSTRAC registration gives them a stamp of approval, inactive ones are like sitting ducks for criminals looking to take over.

AUSTRAC isn't playing games. They're ready to cancel registrations if they've got "reasonable grounds" to believe a business has kicked the bucket. And they're not keeping it quiet; these cancellations will be blasted on their website. Plus, they're cooking up a publicly searchable register so you can check if your favorite crypto exchange is legit and under the watchful eye of regulators.