Key points

  • AUSTRAC's annual figure combines remittance and virtual asset providers.
  • The official register dates BA Digital Ventures' cancellation to June 4, 2026.
  • Registration decisions concern permission to operate and are distinct from criminal findings.

Australia's financial intelligence regulator, AUSTRAC, said on September 7 that it had taken registration action against 45 remittance and virtual asset service providers over the preceding year. The total covers cancellations, suspensions and refused renewals across both sectors, rather than 45 newly announced crypto exchange closures.

GetCoins decision predates the announcement

The update highlighted BA Digital Ventures Pty Ltd, which traded as GetCoins. AUSTRAC said customer complaints led it to work with the National Anti-Scam Centre and request information about the company's operations and ability to manage money laundering risks. The regulator said cancelling its registration helped disrupt alleged investment scam activity.

Earlier coverage: ASIC Sets Sept. 30 Crypto Licensing Deadline in Australia

The decision itself was earlier: AUSTRAC's published virtual asset registration record lists BA Digital Ventures under cancellations dated June 4, 2026. September 7 therefore marks the regulator's broader announcement, not the date of the GetCoins cancellation. The register identifies the legal entity separately from the trading name used in the release.

What the announcement establishes

CryptoSlate's reporting distinguishes the allegation that scams exploited the provider from a finding that the company organized those scams. Its account also notes that the announcement gives neither a customer recovery amount nor a criminal finding against GetCoins. Those limits matter when describing the outcome: regulatory removal does not, by itself, establish every allegation surrounding a business.

Registration determines access to the market

AUSTRAC's published guidance says providers of digital currency exchange or virtual asset services must register with it. The agency can reject an application, suspend or cancel an existing registration, or refuse renewal where it considers money laundering, terrorism financing or other serious crime risks unacceptable. It can also impose conditions and revoke a decision. These are separate regulatory tools, rather than interchangeable descriptions of one outcome.

The reasons AUSTRAC gave for its broader annual activity included inadequate operating capacity, dormant businesses, insolvency, missing registrations and failures to report material changes. The release also cited significant money laundering or terrorism financing risks. These were reasons across the wider group; the announcement did not attribute every listed shortcoming to GetCoins.

The annual total should also be read with its scope intact. As CryptoSlate notes, the announcement does not break the 45 registrations down by sector or decision type. It cannot establish how many crypto providers were cancelled specifically. For readers assessing individual businesses, the dated registration record provides a more precise account of the action than the combined annual headline figure.

Sources

AI-generated editorial image; not a photograph of the reported event. Prepared with AI assistance and source verification.