Australian Crypto Exchange Cointree Fined Over Delayed Suspicious Activity Reports

Australia’s financial intelligence agency has fined Melbourne-based crypto exchange Cointree $75,120 for failing to submit suspicious activity reports within the required timeframe. The Australian Transaction Reports and Analysis Centre took enforcement action after the crypto exchange voluntarily disclosed delays in meeting its anti-money laundering reporting obligations, according to a SMRs are AUSTRAC said the delayed reports hindered law enforcement’s ability to act quickly on emerging threats. “We need to action these reports as soon as possible, which is why the timeframes are put in place – they allow us to move with pace and alert our partners to suspected criminal conduct, AUSTRAC CEO Brendan Thomas said in the statement. Entities are required to file SMRs within three business days of suspecting money laundering or within 24 hours for suspected terrorism financing. Thomas acknowledged that Cointree cooperated fully, self-reported the issue, and is now “taking proactive steps to remediate its systems and controls.” Without such cooperation, the agency noted, the regulatory response could have been more severe.Cointree has not yet responded to Fighting crimeThe fine is part of AUSTRAC’s growing efforts to tighten oversight of Australia’s digital currency exchange sector, which it considers vulnerable to criminal misuse. In 2024, AUSTRAC identified risks such as pseudonymity, global reach, and speed of transfers as key concerns within the sector. It has since launched enforcement actions against The regulator recently addressed dormant registrations, warning inactive DCEs to Amid these moves, last week the Edited by