Australia’s finance watchdog to crack down on dormant crypto exchanges

Australia’s financial intelligence agency has told inactive registered crypto exchanges to withdraw their registrations or risk having them canceled over fears that the dormant firms could be used for scams. There are currently 427 crypto exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), but the agency said on April 29 that it suspects a significant number are inactive and possibly vulnerable to being bought and co-opted by criminals. The agency is contacting any so-called digital currency exchanges (DCEs) that appear to no longer be trading, and AUSTRAC CEO Brendan Thomas said they’ll be told to “use it or lose it. ”“Businesses registered with AUSTRAC are required to keep their details up to date; this includes details about services that are no longer provided,” he added source: https://cointelegraph.com/news/australia-finance-agency-austrac-dormant-crypto-exchange-blitz?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound