Australia watchdog suspends two cryptocurrency exchanges for drug offences
12 Mar 2019

Australia’s anti-money laundering watchdog said on Friday it had suspended license of two cryptocurrency exchanges after a police investigation found the businesses were being exploited for drug trafficking.

It was the first such suspension by the Australian Transaction Reports and Analysis Centre, or AUSTRAC, since new legislation in April 2018 brought digital currency exchanges under its umbrella to ensure cryptocurrencies were monitored the same way as cash exchanges and transfers.

Various estimates show cryptocurrency crime is on the rise globally, keeping pace with the market’s rapid growth.

A recent study revealed the value of cryptocurrencies stolen from exchanges and scammed from investors surged more than 400 percent in 2018 to about $1.7 billion.

– By Swati Pandey, Reuters, 8 March 2019.

Link to Reuters

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