Two Australian cryptocurrency exchanges have been suspended by the Australian Transaction Reports and Analysis Centre (Austrac) following raids conducted by the Australian Federal Police in Melbourne. The raids resulted in the arrest of a 27-year-old who has been described as a “key member” of both exchanges.

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Police Raids Result in Suspension of 2 Cryptocurrency Exchanges

The arrest of a 27-year-old in the Melbourne suburb of Bulleen has resulted in the suspension of two Australian cryptocurrency exchanges. The exchanges’ registration was immediately suspended after the man’s arrest, with Austrac national manager of regulatory operations Dr. Nathan Newman stating that the exchanges will not be permitted to resume operations until further notice.

Two Australian Crypto Exchange Licenses Suspended Following Arrest

Newman stated: “Our decision to suspend the registration of the two businesses means they can no longer lawfully operate.”

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