The Australian Transaction Reports and Analysis Centre (AUSTRAC) has initiated a crackdown on dormant cryptocurrency exchanges. In an effort to protect consumers and mitigate criminal activity, AUSTRAC has contacted inactive exchanges, urging them to voluntarily withdraw their registrations or face cancellation. This action follows the cancellation of registrations for companies like FTX Express and AccE Australia due to inactivity or insolvency. AUSTRAC's CEO, Brendan Thomas, emphasized the risks posed by inactive exchanges, stating that they are more likely to be exploited by criminals for money laundering and scams. The regulator aims to publish a public register to help customers identify legitimate cryptocurrency providers. This initiative is part of a broader regulatory context as Australia approaches its May 3 election, where clearer crypto regulations are being called for amidst ongoing scrutiny of the industry.

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