AUSTRAC fined Cointree A$75,120 for failing to submit suspicious activity reports within required timeframes.
Despite self-reporting and cooperation, AUSTRAC enforced penalties to maintain regulatory compliance across Australia’s crypto sector.

AUSTRAC imposed a fine of A$75,120 on Cointree, a crypto exchange based in Melbourne. The cause? Late filing of Suspicious Matter Reports (SMRs)—reports that must be submitted when there is suspicion of suspicious activity, such as money laundering or terrorism financing.

Some might think, “Ah, if you’ve already admitted and cooperated, then it should be safe, right?” But in reality, that’s not the case. Even though Cointree had self-reported and helped with the investigation, AUSTRAC still insisted that reports must be submitted on time.

Three working days for money laundering reports and just 24 hours for terrorism financing. Imagine a week passed and the report came in for an alleged significant crime and the offender had already run.

Of course, Cointree didn’t just sit back. They quickly improved internally, tightened their control mechanisms, and worked to stop comparable events from occurring once more. Sadly, though, that was insufficient to free them from sanctions.

Regulatory Pressure and the Face of Crypto in Australia

On the other hand, CNF previously reported that the Australian Treasury is indeed strengthening the rules of the game in the digital asset world. The plan is for this industry to be regulated with the existing financial legal framework, so that it is not too wild but can still develop.

They want to protect user assets and create new standards for stablecoins. So yes, it is very clear that this country is starting to seriously organize the crypto space to be more organized. Just imagine if buying stablecoins could be as safe as buying mutual funds—no need to think about it disappearing overnight. Yes, that’s where it’s headed.

Furthermore, Australia does have a rather unique relationship with crypto. At the end of February, a survey found that 32.5% of this country’s citizens have owned crypto. In fact, 42.9% believe that digital assets will become commonplace in the future.

Interestingly, 95% of those surveyed knew at least one kind of cryptocurrency, which indicates that public awareness is really rather high. It’s not only the “IT kids” who are aware; even mothers could have heard about Bitcoin.

Besides that, Australian firm Zerocap worked with CoinDesk Indices on February 19, 2025 to introduce Australia’s first options-based structured product. Aimed at institutions wishing to enter crypto while still controlling risk with peace of mind, the product is connected to the CoinDesk 20 Index (CD20).

Additionally, in March, the Australian crypto market was projected to reach 11.38 million users with revenues of $66.8 million by 2025. Authorities such as the ATO and AUSTRAC oversee crypto taxation in Australia, with clear rules since 2014 and stricter reporting through CARF in 2027.

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Filed under: Bitcoin - @ May 18, 2025 10:00 am