The Australian Financial Regulator has suspended the operations of two crypto exchanges due to their connections with a suspect of a drug trafficking case, the watchdog has announced today in a press release.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) - a financial intelligence unit established by the government to prevent money laundering, tax evasion, welfare fraud and terrorism - has decided to suspend the operations of two local crypto platforms due to their ties with a suspect involved in drug trafficking.
According to the press release, the suspect, a 27-year old man who has already been arrested by the Australian authorities, was a key member of these 2 crypto platforms. For that reason, the financial regulator has decided to suspend their operations, since these 2 crypto exchanges might have been used for money laundering. However, this is something that the authorities still have to investigate.
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