Australia is finally stepping up its financial game by tightening its oversight and efforts to overhaul the crypto exchanges by weeding out inactive platforms. In other words, Australia is seeking to delist or deregister inactive platforms. This could prove to be a groundbreaking decision that sheds unnecessary weight from Australia’s financial landscape.
On April 30th, AUSTRAC, or the Australian Transaction Reports and Analysis Centre, released a statement indicating that many crypto exchanges have ceased operations. Still, these crypto exchanges remain listed. As a result, the blockchain can be exposed to criminal elements.
Why The De-Listing?
AUSTRAC released a statement claiming that it started contacting exchanges that are no longer active. An agency representative stated, “Businesses registered with AUSTRAC are required to keep their details up to date; this includes details about services that are no longer provided.”
The representative further added, “Our intelligence shows cryptocurrency can be exploited by criminals for money laundering, scams and money mule activities, and we’re seeing far too many people falling victim to scams involving digital currency.”
AUSTRAC has stated that exchanges must be officially registered with the body before they can start offering fiat-crypto conversion services. This is to create an airtight anomaly where every part communicates with the other without hassle. The agency even stated that it can go the extra mile and cancel exchanges if it finds a reasonable ground.
ASIC Shuts Down Scam Website
Earlier this month, ASIC, or the Australian Securities and Investments Commission, released a statement claiming that it will soon shut down around 100 websites that are believed to be operating with the aim of scamming.
This suggests that the Australian government is on a run to make its crypto landscape more airtight. This means that Australia could become the next major player in the cryptocurrency industry.
