AUSTRAC AML Agency Withdrew Three Crypto Exchange Licenses

Australian authorities started turning their back on crypto at the end of the year as the nation’s AUSTRAC AML agency withdrew three of the previously issued crypto licenses to exchanges for alleged criminal ties as we are about to see more in the cryptocurrency news below.

According to the Australian news site itnews, the Australian Authorities including the AUSTRAC AML agency revoked three licenses of crypto exchanges because of alleged criminal ties. In 2017, the anti-money laundering and counter-terrorism financing amendment act was introduced and all of the crypto exchanges in Australia were required to register with the AUSTRAC regulator. The licenses were eventually canceled in September but the details have been officially released today.

One of the three crypto exchanges was forced to close all operations and two belong to AUSCOIN ATM and Mk Buy and Sell. Both of the crypto exchanges were accused of being tied to organized crime and the suspensions reportedly happened shortly after the 27-year-old man from Melbourne was arrested on suspicion of trafficking drugs. He was later identified by ‘’The Age’’ as the ‘’Lamborgini-driving bitcoin trader, Sam Karagiozis.’’ The last exchange Howzat Domains which was operated by Webpart, had its license canceled as well but there is no connection apparent between the exchange and the charges against Karagiozis.

Additionally, another exchange operator Cryptocurrency Transaction Machines has also been suspended in November as the AUSTRAC denied commenting further on the specific cases.
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According to a spokesperson, however, the Australian AML agency has the right to suspend and cancel all of the previously issued licenses or registrations if they found any associations with criminal activity.

AUSTRAC can also suspend or cancel the registrations if they found a business or organization poses a huge risk of money laundering, terrorism financing or other serious crimes.  As previously reported, the Australian Police’s report for the 2018-2019 period shows that the seizure of cryptocurrency could prove to generate major returns for the authorities – but is also how the country’s police have developed their IT capabilities and accelerated their procedures to confiscate cryptocurrency from criminals. In January 2016, a man was charged and convicted with the illegal importation of three firearms for which he paid in Bitcoin (BTC).