Idle Crypto Exchanges Face Licence Wipeout in Australia

Crypto News Regulation

Inactive Crypto Exchanges Face Licence Wipeout in Australia

Written by Aaron S.,

Editor-In-Chief

Last Updated: April 29, 2025

Key Takeaways

AUSTRAC warns inactive crypto exchanges to either restart services or lose their registrations;
Cancelled licences will be listed online, helping users check which crypto companies are officially registered;
Firms that return to the market must notify AUSTRAC or reapply for registration after cancellation.

Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁

Inactive Crypto Exchanges Face Licence Wipeout in Australia

BITDEGREE IN YOUR SOCIAL FEED

Australia’s financial crime agency has warned inactive cryptocurrency exchanges that they must either restart operations or give up their registrations.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) said this step is to protect users and stop criminal misuse of digital currencies.

In a statement published on April 29, AUSTRAC explained that it is contacting registered digital currency exchanges (DCEs) that have shown no recent activity. These businesses are being asked to cancel their registration themselves or face having it removed by the agency.

Sidechains in Crypto Explained EASILY (Animated)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Brendan Thomas, AUSTRAC’s chief executive, said that inactive businesses are a risk because their official registration makes them seem trustworthy. He added that criminals could take advantage of this, using such businesses for money laundering and scams.

There are currently 427 digital currency exchanges on AUSTRAC’s list. However, the agency believes that many are no longer offering any services. To clean up the register, cancelled licences will be published online, and a public list of active and regulated providers will be created.

Thomas said it is important for people to easily identify which crypto companies are properly registered and under regulatory supervision. He promised that AUSTRAC will continue working to keep criminal activities out of the industry.

For businesses thinking about returning to the market, AUSTRAC’s instructions are clear: if a company plans to offer services again, it must contact the agency. Companies that later restart operations will need to reapply for registration.

Meanwhile, the European Data Protection Board (EDPB) recently released draft guidelines to align the use of blockchain data with EU privacy laws. What do the guidelines include? Read the full story.