Australia Shuts Down Two Crypto Exchanges for Links with Organized Criminal Groups

Australia Shuts Down Two Crypto Exchanges for Links with Organized Criminal Groups

Australia Shuts Down Two Crypto Exchanges for Links with Organized Criminal Groups

The arrested was reportedly found to be in possession of 30 kilograms of drugs, including MDMA, cocaine, methamphetamine, and ketamine. However, as far as the matter of suspended exchanges and the arrested man is concerned - it is still unclear how will it affect to the clients or customers of these cryptocurrency exchanges.

Following the arrests, AUSTRAC suspended the registrations of two digital currency exchange businesses the man is associated with.

In 2017, Australian law enforcement arrested two men for importing narcotics into Melbourne via worldwide mail. The AFP said following those arrests it continued its investigation into the import of illicit drugs via mail, leading to a series of raids carried out yesterday.

The Australian Federal Police on Thursday executed search warrants in four suburbs around Melbourne, to seize steroids, cash and cryptocurrency.

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Police will allege that the man was instrumental in directing the operations of the criminal syndicate, which it said "used various dark net sites, bitcoin accounts and legitimate business for the sourcing, payment and distribution of the illicit drugs".

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

"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".

The County Court of Victoria also granted the AFP an order to freeze more than $2 million of property linked to the crime syndicate, including bank accounts, real estate, cars, a motorbike, cash and cryptocurrency.

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What do you think of the actions of the Australian Federal Police and AUSTRAC?

Dr. Nathan Newman, AUSTRAC National Manager for Regulatory Operations, explained that there is no excuse for cryptocurency exchanges who claim that they haven't had enough time to become compliant.

Previous year the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 was amended to bring cryptocurrency within its scope.

The authorities directed digital currency trading providers to register with AUSTRAC, verify their customers' identity, report suspicious matters, including over-the-counter cash transactions, and comply with record-keeping requirements, per the amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 past year.

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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. In 2018, the Australian Border Force made 43,973 drug detections, in which traffickers were using band-aid packets, DVD covers, and lolly packages to transfer banned narcotics.

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