Cryptocurrency exchanges suspended by anti-money-laundering watchdog

In a joint statement with Austrac on Friday, the Australian Federal Police (AFP) said they had arrested a 27-year-old man, a “key member” of the suspended cryptocurrency businesses, and charged him with importing, trafficking and possessing about 30kg of drugs including cocaine.


The man is suspected of playing a major role in directing the operations of the criminal syndicate which used various dark net sites, bitcoin accounts and legitimate business for the sourcing, payment and distribution of the illicit drugs, police said.

“While cash is still ‘king’, digital currencies are fast becoming the preferred choice for organised criminal networks involved in money laundering, funding terrorism and cybercrimes,” Cybercrime Squad commander Detective Superintendent Matt Craft said in a press release.

“Let this be a warning to digital currency exchange providers: if you fail to comply with your obligations, your actions will not go unnoticed.”


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