Australian watchdog suspends two cryptocurrencies exchanges in connection to drug traffic

A 27-year old individual was arrested on several charges relating to drug trafficking.
The individual arrested was found to be “a key member” of the exchanges.

John Isige FXStreet

The anti-money laundering regulatory in Australia has suspended a couple of cryptocurrency exchanges having a connection an ongoing drug trafficking case. The agency referred to as the Australian Transaction Reports and Analysis Centre (AUSTRAC) informed the public of the news via press released published on Friday 8.

AUSTRAC is a government financial agency that exists to curb money laundering, tax evasion, welfare as well as terrorism. The agency in collaboration with the Australian Federal Police said that a 27-year old individual was arrested on several charges relating to drug trafficking. The individual arrested was found to be “a key member” of the platforms hence the suspension.

According to the information provided by Reuters, the suspension is the first for the regulatory authority after it was given the mandate to regulate cryptocurrency exchanges last year.

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Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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