Source: Australian Department of Communications
AUSTRAC is encouraging inactive digital currency exchange (DCE) businesses to voluntarily withdraw their registrations or risk having it cancelled.
DCEs must be registered with AUSTRAC before they can offer a service to exchange cash for cryptocurrency, or vice versa. This includes cryptocurrency ATM providers.
There are currently 427 registered DCEs but AUSTRAC is concerned that a significant proportion are inactive. AUSTRAC is contacting any DCEs that appear to no longer be trading.