• Sun, 19 May 2019, 09:08 PM
  • All times are UTC
  • Edition:
    International
Link copied

Australia watchdog suspends two crypto exchanges for links to drug trafficking

Mon, 11 Mar 2019, 06:33 am UTC

In a joint announcement, the Australian Federal Police (AFP) and the Australian Transaction Reports and Analysis Centre (AUSTRAC) said that they have suspended the registrations of two cryptocurrency exchange businesses.

The suspension orders were issued following the recent arrest of a 27-year-old Bulleen man, charged with importing, trafficking and possessing a total of approximately 30 kilograms of drugs, such as MDMA, cocaine, methamphetamine and ketamine.

According to the official release, the 27-year-old was a “key member” for the two digital currency exchange businesses. He played a key role in directing the operations of the criminal syndicate, which used various dark net sites, bitcoin accounts and legitimate business for the sourcing, payment and distribution of the illicit drugs.

“Following the arrests, AUSTRAC suspended the registration of two digital currency exchange businesses where the man was a key member, removing their ability to continue to conduct business,” it said.

In April 2018, Australia introduced amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, which included expanding the scope of the Act to include regulation of digital currency exchange providers.

In a joint announcement dated March 08, the NSW Police Force and AUSTRAC called upon the digital currency exchange providers to be aware of their obligations.

AUSTRAC National Manager for Regulatory Operations, Dr Nathan Newman, said AUSTRAC worked closely with digital currency exchange providers to prepare them for these laws, which aim to protect industry from criminal exploitation and in turn, the Australian community.

“While cash is still ‘king’, digital currencies are fast becoming the preferred choice for organised criminal networks involved in money laundering, funding terrorism, and cybercrimes,” Cybercrime Squad Commander, Detective Superintendent Matt Craft said.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,027.80 (+10.18%)
  • Ethereum (ETH) $257.29 (+8.93%)
  • XRP (XRP) $0.408200 (+9.25%)
  • Bitcoin Cash (BCH) $421.40 (+16.45%)
  • Litecoin (LTC) $94.47 (+8.45%)
  • Bitcoin (BTC) $8,027.80 (+10.18%)
May 17, 2019 (Friday)
12:42
Crypto Technicals: XMR/USD holds 21-EMA support, bearish divergence on RSI and Stochs weighs
11:22
Crypto Technicals: ETH/USD hovers around 5-DMA, overbought conditions may lead to further unwinding
10:53
Banking giants to invest $50M in blockchain-based settlement project: Report
10:20
Crypto Technicals: BTC/USD extends correction, eyes 5700 on break below 21-EMA support
09:53
Crypto exchange Coinbase in talks to acquire Xapo for $50M: Report
09:50
Blockchain startup Ripio launches crypto-fiat exchange and OTC desk
08:50
Sirin Labs allows FINNEY users to purchase crypto with credit cards via Simplex integration
08:50
Crypto-backed Brave Browser seeks over $30M in funding round: Report
06:59
Cryptocurrency exchange Bitfinex granted motion to modify injunction
06:58
Poloniex to stop offering 9 crypto assets in U.S. over regulatory uncertainty
06:04
ECB invites paper submissions on crypto, stablecoin, and DLT for payments conference
04:44
Louis Vuitton owner LVMH unveils blockchain provenance platform ‘AURA’ for luxury industry
04:29
Industry groups, fintech want Reserve Bank of India to consider including cryptocurrency in sandbox
03:56
HKMA, BoT enter fintech collaboration, hint at joint central bank digital currency project
03:54
French Producer Dominique Boutonnat recommends blockchain technology in the film industry
02:55
Quoine-owned Liquid ties up with Virtual Currency Partners to enter US market
02:19
One-third of the world’s Ether is owned by only 376 people: Chainalysis
May 16, 2019 (Thursday)
11:38
Crypto Technicals: Bitcoin Gold consolidates below 61.8% Fib, 'Golden Cross' keeps bias bullish
11:14
Crypto exchange Seed CX adds support for PAX, USD Coin and TrueUSD
11:03
Crypto Technicals: ETH/USD edges lower from 8-month highs, potential 'Shooting Star' keeps scope for weakness
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft