Australia’s financial intelligence agency is cracking down on dormant crypto exchanges, warning inactive registered exchanges to either withdraw their registrations or face cancellation due to concerns that these dormant firms could be exploited for scams. The Australian Transaction Reports and Analysis Centre (AUSTRAC) currently has 427 registered crypto exchanges, but suspects many are inactive and at risk of being acquired by criminals. AUSTRAC is contacting these inactive digital currency exchanges (DCEs) to prompt them to resume trading or risk losing their registration. Businesses looking to offer cash-to-crypto conversions in Australia, including crypto ATM providers, must register with AUSTRAC to prevent crimes such as money laundering, terror financing, and tax evasion. The agency can cancel registrations if a business is deemed inactive or no longer offering crypto-related services. AUSTRAC has already canceled registrations of ten firms since 2019, with the most recent being FTX Express in June 2024. Following their crackdown on inactive exchanges, AUSTRAC plans to publish a list of registered exchanges to help consumers verify legitimate providers. The agency aims to thwart criminals from scamming individuals and enhance the accuracy of their register. Australia has yet to pass crypto regulations, but actions are being taken against remittance service providers and crypto exchanges for compliance issues. The government has proposed a new crypto framework to regulate exchanges under existing financial services laws ahead of the upcoming federal election. These measures aim to ensure the legitimacy of cryptocurrency providers and drive criminals out of the industry.