Australia’s AUSTRAC is taking decisive action against inactive digital asset exchanges, urging them to voluntarily withdraw their registrations or risk forced cancellation. The agency is targeting inactive exchanges because they pose a serious risk of being exploited by criminals for illicit activities.

According to a statement, there are 427 registered digital asset exchanges, but a larger proportion of these are said to be inactive. The statement adds that AUSTRAC will be contacting the inactive exchanges to remind them of their obligations, which include informing the agency about services no longer provided.

AUSTRAC CEO Brendan Thomas claims digital asset exchanges are operating in a high-risk sector in which criminals are eager to operate.

“Businesses registered with AUSTRAC are required to keep their details up to date; this includes details about services that are no longer provided. We’re aiming to protect consumer confidence in AUSTRAC registration and limit the potential for improper sale and use of DCE [digital currency exchange] businesses,” Thomas stated.

The CEO added his organization’s goal is to limit harm to the community by making it harder for criminals to launder money via digital asset platforms. AUSTRAC said it is aiming to improve the integrity and accuracy of its register; hence, it is urging businesses to “use it or lose it.”

As per the statement, AUSTRAC can cancel a registration if there are reasonable grounds to believe the digital asset exchange is inactive. However, if the digital asset exchange’s circumstances change, it can still reapply for a new registration the agency said.

Meanwhile, AUSTRAC said it will create a publicly accessible register of digital asset exchanges, which will allow the public to confirm if an entity is registered. The goal is to prevent the public from being misled about the legally permitted services of a digital asset exchange and to foster confidence in regulated providers.

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