Australia watchdog suspends 2 Bitcoin exchanges for ties to drug syndicates

posted 14 days ago
The Australian Transaction Reports and Analysis Centre (AUSTRAC) suspended two Bitcoin exchanges suspected of having links with drug crime syndicates. The move followed the arrest of a 27-year old man by the Australian Federal Police for allegedly running a drug distribution gang. The AFP found that the accused was an executive at one of the banned cryptocurrency exchanges.

He reportedly used his position to facilitate drug finance – by accepting/sending payments in Bitcoin. A lengthy investigation, which dates back to October 2017, led the AFP to his doors at a Melbourne suburb. Dr. Nathan Newman, the national manager of AUSTRAC said “AUSTRAC’s role is to deter and disrupt criminal exploitation of Australia’s financial system and we take swift action..."
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