AUSTRAC has wrapped up its annual review, revealing that over the past year, 45 registrations for crypto and remittance service providers were wiped from the books. According to their report, this figure covers a mix of cancellations, suspensions, and non-renewals.

Annual Review: What Went Down

AUSTRAC says its enforcement measures impacted a wide range of players—some had their registrations cancelled, others were temporarily suspended, and some simply didn’t get renewed after the review. The reasons and levels of intervention varied, but the bottom line is the same: 45 registrations are now inactive during the period in question.

The GetCoins Case and Cracking Down on Investment Scams

AUSTRAC specifically called out its actions against GetCoins, saying they helped disrupt organized investment scam operations. The GetCoins case is highlighted as a targeted move that made a real dent in the infrastructure scammers rely on.

What This Means for the Industry

The message to companies is clear: registration isn’t a forever pass. If your compliance doesn’t stack up, you could face cancellation, suspension, or lose your registration altogether. For users, this means tighter vetting of crypto and remittance providers—and hopefully, a safer market overall.