One man charged and two cryptocurrency businesses suspended following organised crime investigation


He's been charged with importing, trafficking and possessing a total of approximately 30 kilograms of drugs, including MDMA, cocaine, methamphetamine and ketamine.

What is your response to the suspension of the cryptocurrency exchanges' licensing?

An investigation by the AFP began two years ago after two men from Victoria were arrested and tied to a drug importation ring.

The Australian Federal Police on Thursday executed search warrants in four suburbs around Melbourne, to seize steroids, cash and cryptocurrency.

Australian Federal Police detective superintendent Paul Hopkins stated: "Investigations such as this are inherently complex and the operational results achieved by the investigative team are a testament to good police work and strong inter-agency cooperation".

Authorities say the cohort used various "dark net sites, Bitcoin accounts, and legitimate business" in order to source and distribute the illegal drugs.

Meanwhile, the Criminal Assets Confiscation Taskforce received the court's permission to confiscate properties worth over $USD 1.40 million related to the investigation.

Neither the name of two cryptocurrency exchanges nor the name of that arrested key member is revealed - consequent to the reports, these crypto exchanges wouldn't be live until further notice from the court, reports revealed.

Two Australian Crypto Exchange Licenses Suspended Following Arrest
AUSTRAC suspends two crypto exchanges after arrest

What do you think will happen to the assets of users that had accounts or held crypto at the two digital currency exchanges?

Last April, several amendments were made to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. He said that the role of the agency was to deter and disrupt criminal activities in the finance sector, which it did when it suspended the license of two cryptocurrency exchanges.

Dr. Nathan Newman, AUSTRAC National Manager for Regulatory Operations, explained that there is no excuse for cryptocurency exchanges who claim that they haven't had enough time to become compliant.

Some of the primary changes include verifying customer identity, registering with AUSTRAC, complying with record-keeping requirements, and also reporting over-threshold cash transactions and suspicious matters.

"Digital currency exchange providers have had adequate time and opportunity to comply with these new laws and AUSTRAC has already refused the registration of two digital currency exchange providers".

"Any information about illicit activity by digital currency exchange providers that is provided to our squad - whether related to organized crime, terrorism, or technology-enabled crime - will be actively pursued in partnership with AUSTRAC", Craft added.

Overall, it seems that the criminal syndicate was probably using the cryptocurrency exchanges to launder money in order to facilitate narcotic sales.

More news: Snow, ice and strong winds forecast as wintry weather returns
More news: Rio Tinto plc (RIO)
More news: Three Albertans killed in Ethiopian plane crash