Law enforcement in southeastern Australia arrested a 38-year old unnamed man on Tuesday for allegedly  providing “unregistered cryptocurrency transactions.” Moreover, detectives known as the ‘E-Crime Squad’ arrested the man in Cairnlea and are holding him for further questioning.

The police department of Victoria made the <a href="https://www.police.vic.gov.au/man-arrested-part-cryptocurrency-investigation">announcement</a> on 12th November. A joint statement from the Victoria police department and Australian Transaction Reports and Analysis Centre (AUSTRAC) reads:
<blockquote>‘Detectives from the E-Crimes squad have arrested a man today as apart of an investigation into unregistered cryptocurrency transactions.’</blockquote>
<h2>Man Sells Cryptocurrency Despite Cease and Desist Notice </h2>
Moreover, the unnamed man is being accused of violation of the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 for providing an unregistered crypto exchange service; and the Criminal Code Act 1995 for dealing with property suspected of being proceeds of crime events.

Additionally, the man had possession of a substantial quantity of money and fake identification documents. In addition, he possessed a cryptocurrency ATM from a shopping center in Braybrook. In particular, the ATM at the shopping center tipped off the AUSTRAC due to several cases of scam reports. Ideally, the collaboration between the two agencies is the first actions by the E-Crime Squad that was related to cryptocurrencies. 

According to AUSTRAC’s national manager of intelligence operations, David Hawkins, the outcome of the investigations will outline the importance of collaboration between the watchdog and law enforcement.

In conclusion, AUSTRAC’s objective is to obligate cryptocurrency exchanges into registration and it first came into effect in April 2018. At the moment, cryptocurrency crimes are on the rise in <a href="https://www.cryptoknowmics.com/crypto/australias-top-banks-move-to-blockchain-as-crypto-threatens-a-parallel-economy/">Australia</a>. Back in September, the authorities arrested a  21-year-old mother for a multimillion-dollar crypto fraud.

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Australian Authorities Arrest Man Operating Unregistered Crypto Exchange

Law enforcement in southeastern Australia arrested a 38-year old unnamed man on Teusday for allegedly  providing “unregistered cryptocurrency transact.... %

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Australian Authorities Arrest Man Operating Unregistered Crypto Exchange

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