Australia cancels GetCoins registration over scam complaints

Australia's financial intelligence regulator AUSTRAC canceled the registration of GetCoins, a virtual asset service provider, due to alleged involvement in cryptocurrency investment scams. The cancellation, dated June 4, 2026, was part of a broader action where AUSTRAC canceled, suspended, or refused to renew 45 remittance and virtual asset provider registrations over the past year. AUSTRAC CEO Brendan Thomas stated that businesses with canceled registrations can no longer operate. The regulator collaborated with the National Anti-Scam Centre following customer complaints about GetCoins, assessing its ability to manage money laundering risks. Although AUSTRAC linked GetCoins to organized scams, it did not establish that the provider itself organized these scams. The cancellation disrupts scam activities but does not report any recovered amounts for customers or criminal findings against GetCoins. AUSTRAC's guidance mandates that businesses providing digital currency exchange or virtual asset services must be registered, and losing that registration removes their permission to operate. The regulator can refuse applications, suspend, or cancel registrations if a business poses a money laundering or terrorism financing risk.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.