Australia’s financial intelligence agency has installed a fine of $75,120 on Melbourne-based cryptocurrency exchange Cointree following the disclosure of delays in complying with required reporting obligations by the exchange. This decision came to light after the exchange voluntary disclosed delays in meeting its anti-money laundering and terrorism financing Reported obligations. The Australian Transaction Reports and Analysis Centre ( meant the agency took Enforcement action following the voluntary disclosure of delays. The agency introduced a new procedure imposing stricter timelines of reports.
The Regulator’s statement outlined the purpose of the enforcement action as hindering law enforcement’s ability to quickly address emerging threats caused by prompted coalitions of cybercrime and fraud activities. The Action Plan submitted by Augreed clarified that entities are required to submit SMRs, mandatory filings by regulated entities, whenever they suspect a transaction may be linked to criminal activities such as money laundering or terrorist financing. The Regulator emphasized that timely submission of these reports is crucial for enabling law enforcement to act swiftly in response to emerging threats.
.United States prompted, the Regulator assured entities that cooperation from actors such as Cointree would improve regulatory effectiveness. The Regulator acknowledged that Cointree fully cooperated, self-reported the issue, and taken proactive steps to address its systems and controls. However, the Regulator noted that without such cooperation, the regulatory response could have been more severe.
While Cointree has not yet responded to Decrypt’s earlier request for comment, the Regulator is expected to focus on faster-moving issues such as the rapid execution of the Action Plan and identifying and penalizing actors involved in emerging threats. The Regulator’s focus on infrastructure and –chesting and encouraging self-regulation will anchor its efforts to implement meaningful outcomes.
The Regulator has recently addressed dormant registrations, advising inactive DCEs to prioritize their usage by opting out, using the platform as breaches or cancellation or withdrawal. This action aims to prevent such services from reverting to inactive states once they’ve been integrated into the system. The Regulator is also re-pricing previously available DCEs, with the price escalating to all major exchanges after a seven-day period.
The Regulator’s broader aim is to strengthen oversight in the DCE sector nationwide, potentially to the scrutiny of the Prime Minister’s office. Its recent appointment of Andrew Charlton as Assistant Minister for Science, Technology, and the Digital Economy will support efforts to modernize the cryptocurrency regulatory framework and ensure transparency across the digital asset sector.
Cointree has not yet made a response to Decrypt’s earlier inquiry, but this move highlights the Regulator’s focus on fostering proportionate action against entities involved in these emerging threats. The Interims and Regulator’s role in supporting stakeholders involved in the DCE sector, while ensuring robust oversight and fast response to emerging cyber threats, ensuring ongoing compliance and regulatory accountability.
aest altercation with the Regulator’s increased focus on risk assessment and enforcement actions underscores the importance of ethical conduct and coordinated responses by stakeholders.
