AUSTRAC has reiterated that all digital currency exchanges must maintain strong AML/CTF controls.
On 22 August 2025, the regulator announced it directed Binance Australia to appoint an external auditor after identifying concerns with the exchange’s AML/CTF controls.
According to AUSTRAC, Binance’s most recent independent review was limited in scope given its size, business offerings, and risk profile.
The regulator also highlighted concerns about high staff turnover and the level of local oversight.
“I remind all digital currency exchanges to remain alert to transactions that indicate suspicious behaviour, including money laundering via scams and cybercrime and terrorism financing – the potential for these activities are much higher for global exchanges,” AUSTRAC CEO Brendan Thomas said.
This announcement reinforces AUSTRAC’s broader message: the crypto industry is a high-risk sector that requires strong compliance frameworks to reduce exposure to money laundering, scams, and other financial crimes.
Binance Australia has 28 days to nominate external auditors for AUSTRAC’s consideration.
The scale of the challenge facing crypto businesses is significant.
AUSTRAC data shows that around $275 million flows through cryptocurrency ATMs in Australia each year, and a substantial portion of these transactions is linked to scams.
While this does not imply wrongdoing by legitimate operators, it demonstrates the environment in which the industry operates.
Compliance is not simply a legal box to tick, it is central to maintaining trust with regulators, customers, and the financial system as a whole.
Crypto companies face persistent challenges:
Personr Co-Founder Nick Ahrens explained:
“The FTX collapse showed existing rules are not enough, driving banks to aggressively de-risk even though crypto exchanges have been under AML laws since 2018,” he said.
For crypto companies, addressing these challenges is not only about compliance.
It is about ensuring resilience, protecting customers, and safeguarding long-term access to banking and payment networks.
To respond effectively, some businesses are turning to technology-driven solutions, according to the Financial Crime Academy. .
The benefits of adopting these solutions include:
Personr Co-Founder Charlie Westerman said AML compliance platforms “help crypto companies solve complex regulatory obligations without slowing rapid growth”.
“By building trust and credibility with regulators, they turn compliance into a competitive advantage,” he said.
The key to this is choosing the right solution for verifying that it’s reliable.
At Personr, we help leading companies in the crypto space stay compliant and ahead of the curve.
To do this, we provide businesses with an end-to-end AML compliance solution where they can manage all obligations in one place.
Personr offers:
At Personr, we help leading companies in the crypto space stay compliant and ahead of the curve.
We have top companies choose Personr because of our ability to drive performance gains where it matters, and streamline the entire process.
Disclaimer: This is for general information only. The information presented does not constitute legal advice. Personr accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.
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