ASIC to Crack Down on Crypto Platforms Bypassing Licensing After 2024 Outages
Australia’s corporate regulator has signalled a sharper enforcement posture toward crypto platforms that try to evade licensing and critical-market infrastructure requirements. In response to the high-profile outages of 2024, ASIC warned operators that future failures will invite stronger sanctions, including fines, licence suspensions and orders to improve resilience. The move targets exchanges, custodians and other trading venues that have operated in regulatory grey areas.
For users and market participants, the message is clear: expect higher compliance costs and tighter operational standards, and watch for potential consolidation as smaller operators struggle to meet requirements. In the medium term this could reduce systemic risk and improve market reliability, but it may also produce short-term service changes or liquidity shifts as platforms adjust. Investors should verify licence status and contingency arrangements for any crypto service they use.