Australia’s financial intelligence agency AUSTRAC is conducting a crackdown on dormant registered crypto exchanges to prevent scams. The agency, which currently has 427 registered crypto exchanges, is contacting those believed to be inactive, warning them to either resume trading or face cancellation of their registrations. AUSTRAC CEO Brendan Thomas stated that maintaining up-to-date business details is mandatory for all registered firms. Scammers may exploit these inactive exchanges, presenting them as legitimate businesses. Since 2019, ten firms have had their registrations canceled, with the most recent being the local arm of FTX. Following this initiative, AUSTRAC plans to publish a public list of registered exchanges, enhancing public confidence in identifying legitimate providers. This move is part of broader regulatory efforts in Australia, which has not yet passed specific crypto regulations but is working towards a framework to monitor the crypto sector effectively. The agency's efforts aim to bolster the integrity of the cryptocurrency market and curb misuse for criminal activities.

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