Two Australian cryptocurrency trades have been suspended by the Australian Transaction Reports and Analysis Centre (Austrac) following raids conducted by the Australian Federal Policewomen 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 denial of two Australian cryptocurrency exchanges. The exchanges’ registration was immediately suspended after the man’s arrest, with Austrac national superintendent of regulatory operations Dr. Nathan Newman stating that the exchanges will not be permitted to resume operations until to boot notice.
Newman stated: “Our decision to suspend the registration of the two businesses means they can no longer lawfully operate.”
Forestalled Individual Accused of Operating Darknet Drug Syndicate
The individual has been charged with possessing, importing, and trafficking almost 30 kilograms of narcotics, including MDMA, cocaine, methamphetamine, and ketamine. The individual is alleged to have “played a key post in directing the operations of the criminal syndicate, which used various darknet sites, bitcoin accounts and legitimate issue for the sourcing, payment, and distribution of the illicit drugs.”
Following a court order, more than 2 million Australian dollars (close to USD $1.41 million) worth of assets have been seized by the Australian Federal Police following the man’s arrest, categorizing several properties, bank accounts, fiat currency, cryptocurrency, motor vehicles, and a motorbike. A video of the individual’s capture shows the seizure of a BMW motorcycle by police.
The investigations leading to the raid have been linked to a seizure of over 33 kilograms of subdued substances that resulted in two arrests during 2017.
Australian Federal Police detective superintendent Paul Hopkins said: “Investigations such as this are inherently complex and the operational results achieved by the investigative team are a testament to good protect work and strong inter-agency cooperation.”
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