Australia’s Financial Watchdog Forces Crypto Exchanges to Shape Up or Ship Out

Dormant platforms face the axe as regulators tighten screws—because nothing says ’healthy market’ like bureaucrats deciding who gets to play.

Active exchanges breathe a sigh of relief while zombie platforms scramble to justify their existence. Guess those compliance teams finally earned their retainers.

Another win for ’innovation’ under the watchful eye of suits who still think blockchain is a type of bike lock.

AUSTRAC’s crypto “blitz”

The “blitz” follows a year-long AUSTRAC investigation that led to regulatory actions against 13 crypto firms in February.

The regulator flagged over 50 additional firms under scrutiny and warned that non-compliant businesses face suspension or deregistration.

The intense crackdown comes as Australia heads toward an election on May 3, with crypto regulation emerging as a key flashpoint.

Recently, global crypto exchange Coinbase called on Australian voters to support candidates pushing for clear digital asset regulations, calling the country’s crypto policy environment “frustratingly vague and underdeveloped.”

Daily Debrief Newsletter