Australia Cracks Down on Inactive Crypto Exchanges
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The agency also plans to publish a public list of legitimate exchanges to help users avoid scams. This is part of a broader compliance sweep that already led to multiple enforcement actions and denied renewals. Meanwhile, the Bank of Italy flagged digital assets, particularly Bitcoin and dollar-pegged stablecoins, as potential risks to financial stability due to their growing integration with traditional finance and corporate balance sheets. In contrast to these more cautious stances, India is becoming a magnet for Web3 development. Crypto exchange Bitget and Avalanche announced a $10 million initiative to support blockchain innovation in India, where crypto adoption is booming among young investors. Overall, these latest developments shed some light on the very diverging global attitudes toward crypto, regulation, as well as innovation. AUSTRAC Targets Inactive Crypto Firms Australia’s financial intelligence agency, AUSTRAC, recently warned dormant cryptocurrency exchanges to either resume their operations or voluntarily deregister. This is part of the country’s crackdown that is aimed at curbing criminal misuse of inactive platforms. On April 29, AUSTRAC revealed that out of the 427 crypto exchanges currently registered, a big number are suspected to be inactive and at risk of being exploited by scammers. AUSTRAC CEO Brendan Thomas urged that firms must keep their registration details current and active, and warned that those failing to do so will be delisted under a “use it or lose it” directive. Announcement from AUSTRAC To offer crypto-related services like cash-to-crypto conversions or operate crypto ATMs in Australia, businesses must register with AUSTRAC, which oversees compliance with anti-money laundering and counter-terrorism financing laws. Since 2019, ten crypto businesses had their registration revoked for inactivity or non-compliance, including the local subsidiary of collapsed crypto firm FTX, which was deregistered in June of 2024. As part of its renewed efforts to boost transparency, AUSTRAC plans…
