AUSTRAC launches ‘Use It or Lose It’ campaign for digital currency exchanges
The regulator has initiated a crackdown on inactive digital currency exchanges, announcing that businesses must either confirm active operations or risk having their registrations cancelled.
Key points:
– AUSTRAC is targeting inactive registered digital currency exchanges in a “use it or lose it” campaign to maintain registry integrity
– Of the 427 currently registered DCEs, many are believed to be dormant, creating vulnerability for potential criminal exploitation
AUSTRAC, Australia’s financial intelligence agency and anti-money laundering regulator, has launched a compliance initiative urging inactive digital currency exchanges (DCEs) to voluntarily withdraw their registrations or risk forced removal from the national register.
As of April 2025, 427 DCEs are registered with AUSTRAC. However, a significant number are believed to be dormant, prompting concerns about potential misuse by criminal entities.
Under current legislation, all businesses exchanging cash for cryptocurrency – including crypto ATM operators – must be registered with AUSTRAC.
The regulator is now contacting DCEs that appear to be non-operational, encouraging them to either update their business status or surrender their registration.
Commenting on the decision, AUSTRAC CEO Brendan Thomas stated: “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.
“The blitz is aimed at limiting harm to our community, making it harder for criminals to launder their money and improving the integrity and accuracy of our register, so we’re urging businesses to ‘use it or lose it’.”
Good to know: Following this campaign, AUSTRAC plans to introduce a publicly searchable DCE register, aiming to enable customers to verify whether a digital currency provider is legitimately registered and regulated
Thomas went on to emphasise that inactive or non-compliant entities risk cancellation, noting: “If a DCE does intend to offer a service, they need to contact us otherwise we will cancel the registration and this information will be added to the register. If circumstances change, a DCE can always re-apply for a new registration with AUSTRAC.”
This crackdown is part of AUSTRAC’s broader strategy to strengthen anti-money laundering (AML) frameworks, which recently included new rules to prevent businesses – such as casinos – from unintentionally alerting criminals to investigations.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
