Two Australian Crypto Exchanges Suspended Upon their Keyman’s Arrest

    AUSTRAC, the Australian financial intelligence agency was recently given powers to handle cryptocurrency business-related issues and has convicted a 27yo man for the crimes related to drugs on 8th March.

    Two Australian Crypto Exchanges Suspended Upon their Keyman’s Arrest


    A couple of days back, AUSTRAC, along with Australian Federal Police tweeted “One man charged and two cryptocurrency businesses suspended following organized crime investigation.

    Its complete press statement revealed that the convicted man was arrested for the crimes of importing and trafficking of drugs like MDMA, cocaine, methamphetamine, and ketamine, worth 30kg. He was said to be dealing with darknet sites, various bitcoin addresses and some formal businesses to source and cover up his transactions.

    Soon after conviction, the Australian Federal Police were granted orders to seize property, cryptocurrencies, and cash worth AU$ 2M.

    Name and further details of the convicted man weren’t revealed, but it is said that he’s from Bulleen, Melbourne.

    This couldn’t be news if his arrest led to the suspension of two Australian crypto exchanges. Soon after capturing him, the two Australian exchanges to which he’s associated with (names aren’t revealed) have been suspended.

    On this issues, AUSTRAC’s National Manager of Regulatory Operations, Dr. Nathan Newman said, “AUSTRAC’s role is to deter and disrupt criminal exploitation of Australia’s financial system and we take swift action where there is a reasonable risk of compromise.” Our decision to suspend the registration of the two businesses means they can no longer lawfully operate.

    Resuming orders of those exchange(s) activities and the situation of its traders are unclear for now. As the man, who was a key person of both the exchanges was made appear for Melbourne Magistrates Court with proceedings and decisions yet to be taken.

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