Australia watchdog suspends 2 Bitcoin exchanges for ties to drug syndicates

posted 3 months 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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