Two More Australian Exchanges Meet Exchange Criteria For AUSTRAC

  • Darryn Pollock
    📰 News

    Two more Australian exchanges have successfully registered with AUSTRAC, keeping in line with new regulations in the country

Two More Australian Exchanges Meet Exchange Criteria For AUSTRAC
Cover image via u.today

Having implemented new regulations for Australian exchanges Australian Transaction Reports and Analysis Centre (AUSTRAC) has registered two more exchanges under the regulations, bringing the total up to five.

NCX and ACX.io join Independent Reserve and CoinSpot, as well as soon to be opened Blockbid, in complying with the same anti money laundering and counter-terrorism financing (AML-CTF) rules that apply to other finance sector participants such as banks.

It largely means that digital currency exchanges are subjected to the same anti-money laundering and counter-terrorism financing laws as institutions that deal in fiat currency, such as banks.

That means verifying the identity of customers, reporting “suspicious” transactions as well as those over AUD$10,000, and keeping records for seven years.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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