AUSTRAC suspends crypto currency exchanges after AFP investigation

Two Australian Bitcoin exchanges shut down following arrest of key executive

The AFP reportedly executed search warrants in the Bulleen, Templestowe Lower, and Malvern suburbs, where they seized steroids, Australian dollars, and cryptocurrency from the accused.

The investigation dates back to 2017 when the AFP had arrested two Victorian men for importing drugs to Australia. These changes included increasing the scope of the Act to feature regulation of cryptocurrency exchange providers.

The raid led the Australian Transaction Reports and Analysis Centre (AUSTRAC) to ban two bitcoin exchanges in their connection to illegal drug trades.

The shutdown of these exchanges followed the arrest of a Melbourne man aged 27-years old on the charges of drug trafficking offenses by the Australian Federal Police on Thursday.

The 27-year-old Bulleen man was subsequently arrested and charged with importing, trafficking and possessing a total of approximately 30 kilograms of drugs, such as MDMA, cocaine, methamphetamine and ketamine.

"Digital currency exchange providers have had adequate time and opportunity to comply with these new laws and AUSTRAC has already refused the registration of two digital currency exchange providers", he said. AFP Detective Superintendent Paul Hopkins stated, "Investigations such as this are inherently complex and the operational results achieved by the investigative team are a testament to good police work and strong interagency cooperation".

Two Australian Bitcoin exchanges shut down following arrest of key executive
Victorian man arrested in connection to cryptocurrency-related drug syndicate

Separately, the AFP-led Criminal Assets Confiscation Taskforce (CACT) obtained a restraining order for assets related to the investigation.

Police ultimately took property valued in excess of $2 million, including cash, cryptocurrency, a motorbike (and motor vehicles), several bank accounts, and various real estate properties.

AUSTRAC National Manager of Regulatory Operations, Dr Nathan Newman, says the two crypto exchanges the arrested man was involved in won't be able to operate until further notice.

The anti-money laundering and counter-terrorist financing watchdog later issued a joint press release with the NSW Police Force, reminding the Australian bitcoin exchanges to either comply or face prosecution. All customers must verify their identity with the companies and the entities are required to report "suspicious" activity surrounding transactions.

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.

"Any information about illicit activity by digital currency exchange providers that is provided to our squad - whether related to organised crime, terrorism, or technology-enabled crime - will be actively pursued in partnership with AUSTRAC". There remains a possibility that the accused used these exchanges to facilitate crypto payments for drug trafficking.

More news: Kim Jong-nam murder suspect freed

Related News:

  • Capcom Says it Might Port Devil May Cry 5 to Switch

    Capcom Says it Might Port Devil May Cry 5 to Switch

    The manga's title is Devil May Cry 5 -Visions of V-, and it tells a spinoff story from the viewpoint of the mysterious man V. Artist Tomio Ogata launched a manga spinoff of CAPCOM's Devil May Cry 5 game on the LINE Manga app and website on Friday.
    Battlefield V Firestorm Battle Royale mode first look

    Battlefield V Firestorm Battle Royale mode first look

    However, the tutorial notes that these vehicles can reveal your location, and can be countered with anti-vehicle weaponry. Battlefield V will be joining the fray, and a leaked tutorial purportedly gives us a first look at the upcoming mode.
    Remember: Clocks skip ahead overnight for daylight saving time

    Remember: Clocks skip ahead overnight for daylight saving time

    Experts in the field of sleep warn this yearly time ritual we've taken part in now for over a century can come with consequences. "The light that you receive immediately after waking up is very good to tell your biological clock to advance", Carrier said.
  • Captain Marvel Eyeing $150 Million Opening Weekend Box Office

    Released in the United Kingdom yesterday, Larson's Captain Marvel looks set for a huge box office opening weekend. The official " Captain Marvel " Twitter account shared photos of Brie with the delighted fans at the theater.
    Trump expected to seek $8.6B for border wall in new budget

    Trump expected to seek $8.6B for border wall in new budget

    The government shutdown for 35 days beginning in December after Congress and the White House deadlocked on funding for the wall. The same thing will repeat itself if he tries this again. "Sorry, you're elected to deal, you've got to deal", said Rep.
    Molinari fires sizzling 64 to win Palmer Invitational

    Molinari fires sizzling 64 to win Palmer Invitational

    His five-shot comeback was the largest at Bay Hill since Woods in 2009, which he won with a birdie from 15 feet on the 18th hole. First-round leader Rafa Cabrera-Bello was sharing second when his approach to the last found water and he dropped to nine under.
  • Muguruza advances to Indian Wells fourth round after Serena retirement

    Muguruza advances to Indian Wells fourth round after Serena retirement

    One long backhand miscue by Williams sealed the first set for Muguruza after a promising start by the American. Williams was seeded 10th in her first tournament since a quarter-final exit at the Australian Open.
    Chiefs release OLB Houston

    Chiefs release OLB Houston

    Houston was slated to count $21.1 million against the salary cap in 2019 under a restructured contract originally signed in 2015. He appeared in seven playoff games. "He really helped set the tone, and I appreciate the work he put in with us".
    LSU suspends Will Wade indefinitely

    LSU suspends Will Wade indefinitely

    Wade went a little further, citing a "two or three-year kid" in the context of what was apparently a good "offer". Today, ahead of LSU's season finale, the school suspended Wade.
  • Allu Arjun hugs Arya and Sayyeshaa Saigal

    Allu Arjun hugs Arya and Sayyeshaa Saigal

    Suriya, Sayyeshaa's co-star in Kaapaan , attended the event along with his brother and congratulated the couple. Arya's wedding with Sayyeshaa is being trolled for the reason that the age gap between them is 17 years.
    Two More Daesh Brides Stripped of UK Citizenship Amid Begum’s Row

    Two More Daesh Brides Stripped of UK Citizenship Amid Begum’s Row

    Reema Iqbal , 30, along with her sister Zara, 28, are mothers of five children between them and are now living in a refugee camp. Begum's son is one of scores of children who have died fleeing from fighting in ISIS' last remaining Syrian enclave Baghouz.
    England skittle out West Indies for 45 in Twenty20 demolition

    England skittle out West Indies for 45 in Twenty20 demolition

    The Windies total was the lowest ever made by a full member nation and just six more than the record low set by Holland in 2014. It was a forgettable night for the Windies and captain Jason Holder said: "I think it was just one of those games".

Most liked

Did Ronda Rousey invite trouble following her latest outburst?
I'm not going out there and doing their f***ing act anymore, I'm going out there and doing whatever the hell I want. Onetime WWE golden girl Ronda Rousey is carpet bombing wrestling fans and the sport itself, calling it "made up".

'Captain Marvel' Blasts Off to $153 Million Debut
Stay tuned to Heroic Hollywood for the latest news on the future of the Marvel Cinematic Universe as we learn it. shared a few additional details about Larson's appearance, while fans shared a few pictures of their own.

Japanese woman recognised as world's oldest person
Kane normally wakes each morning at 6 am and passes the afternoons by studying mathematics and practicing calligraphy. They include Jiroemon Kimura, the longest-living man on record, who died soon after his 116th birthday in June 2013.

Polio Programme seeks removal of anti-vaccine social media content
Previously, Pinterest and YouTube have also attempted to reduce the reach of anti-vaccine content. There are a number of anti-vaccine groups that focus on lobbying against mandatory vaccination.

More phones than ever will get early access to Android 10
At last year's Google I/O, the Mountain View search engine giant had unveiled their Android P (Pie) developer preview. Illiyan Malchev in the Android Developers Backstage podcast (Source: XDA Developers ).

Uh Oh: AOC Just Had Another Complaint Filed Against Her
It was a busy Saturday for several 2020 Democratic presidential candidates. John Kasich (R), who is also considering challenging Trump.

Baghuz: Final assault on Isis town after jihadist families flee
Warplanes and drones targeted the village as explosions were heard and fires seen from intense artillery and rocket fire. The total population of the camp is now at 65,000 as aid workers are overwhelmed with shortage of tents and resources.

Patent Reveals Potential Controller Design For Google Project Stream
These renders were made to match a US Patent and Trademark office submission by Google for a "Game Controller". The notification system could also alert users to changes in player scores, a chat message, or an invitation.

Venezuelan blackout victims 'murdered' by government, opposition leader says
He said the "macabre strategy" to make Venezuelans desperate and turn them against each other would fail. Critics blame the government for failing to invest in maintaining the power grid.

Rio Tinto's shares take hit after two analyst downgrades
The stock price showed -2.83% lower in value from one year high price and revealed 32.23% up in value from its one year low price. For example, a stock may near its 52 week low in a price correction after earnings expectations for future quarters were revised.

Large study finds no connection between MMR vaccine and autism
They may also spread measles to people who can not be vaccinated because they are too young or have certain health conditions. Children with measles are quite ill and may develop complications such as pneumonia and encephalitis (brain inflammation).

Moment diver was swallowed and then spat out by mammoth whale
The whole incident lasted only a couple of seconds before the whale released the 51-year-old from its jaw. Luckily for Mr Schimpf, Bryde's whales aren't known for eating humans and it just spat him back out.

Suspect in Closs Abduction Says He’ll Plead Guilty
Following the appearance, Patrick Patterson said that he's sorry for what happened to Jayme. "I'm Sorry Jayme! For everything". He targeted the girl after spotting her a single time, by chance, getting off a bus near her home, prosecutors have said.

Health officials: Measles case confirmed in Pima County
Complications from the illness can include pneumonia, inflammation of the brain, convulsions, deafness, brain damage and death. The outbreak was brought to New Zealand by a traveler. "All of these cases followed a measles case imported from overseas".

Djokovic dispatches Fratangelo to reach Indian Wells 3rd
He couldn't muster a match point and double-faulted on break point and that was enough of a window for Nishikori. As it was, she faced Kristina Mladenovic , who had defeated her in her first match in Dubai.