Crypto Regulation Tightens: Australia, UK & EU Crack Down on New Platforms

Australia’s Financial Watchdog Targets Dormant Crypto Exchanges

Australia’s financial intelligence agency, AUSTRAC, has initiated a crackdown on dormant registered crypto exchanges to combat potential scams and criminal activity. As of April 29, there are 427 crypto exchanges registered with AUSTRAC, but the agency suspects a significant number are inactive and could be vulnerable to acquisition by criminals. AUSTRAC is contacting digital currency exchanges (DCEs) that appear to no longer be trading, warning them to either update their status or risk having their registrations canceled. CEO Brendan Thomas emphasized that businesses must keep their details current, including information about services no longer provided.

Since 2019, ten firms have had their AUSTRAC registration canceled, with the most recent being FTX Express in June 2024. AUSTRAC also plans to publish a public list of registered exchanges to help Australians verify legitimate providers. In February, the regulator took action against 13 remittance service providers and crypto exchanges, with over 50 others still under investigation for compliance issues. Six providers were refused registration renewal due to key personnel being convicted, prosecuted, or charged with serious offenses. Australia has yet to pass comprehensive crypto regulations, but a new framework has been proposed to regulate exchanges under existing financial services laws.

427 crypto exchanges registered with AUSTRAC
10 firms had registration canceled since 2019
FTX Express registration canceled in June 2024
13 providers faced action in February; 50+ under investigation

“Members of the public should feel confident that they can identify legitimate cryptocurrency providers that are registered and subject to regulatory oversight and that we are driving criminals out of this industry,” said AUSTRAC CEO Brendan Thomas.

Source: Cointelegraph

Key Figures	Details
Registered Exchanges	427
Registrations Canceled Since 2019	10
Recent Cancellations	FTX Express (June 2024)

Summary: AUSTRAC is intensifying oversight of dormant crypto exchanges, aiming to prevent criminal misuse and enhance public trust in the sector.

Grinex Suspected as Rebrand of Sanctioned Garantex Crypto Firm

Grinex, a new cryptocurrency exchange, is suspected to be a rebrand of Garantex, a Russian crypto exchange whose domains were seized by U.S. authorities in March 2025. Garantex was sanctioned by the U.S. (OFAC) in April 2022, followed by similar actions from the UK and EU, due to processing $100 billion in illicit transactions and facilitating money laundering for ransomware gangs and darknet markets. TRM Labs, referencing information from Global Ledger, reports that Grinex exhibits strong operational ties to Garantex, though it is unclear if Grinex is currently involved in illicit activities.

After Garantex’s takedown, Grinex was promoted on Telegram channels linked to the Satoshkin group, offering a platform with similar functionality and onboarding former Garantex clients. Grinex began distributing former Garantex user assets through a new stablecoin, A7A5, pegged 1:1 to the Russian ruble. Two Kyrgyzstan-based firms were identified as major participants in A7A5 transactions. TRM Labs also notes the emergence of two other platforms, ABCEX and Rapira, as Garantex replacements, with ABCEX directly linked to Garantex founder Sergey Mendeleev.

Garantex processed $100 billion in illicit transactions
Two Garantex administrators charged; one arrested in India
Grinex distributed user assets via A7A5 stablecoin
ABCEX and Rapira also emerged as Garantex replacements

"Grinex announced it had entered into an agreement with Garantex to onboard its clients and was considering hiring former Garantex employees," explains TRM Labs.

Source: BleepingComputer

Key Events	Details
Sanctions	U.S. (April 2022), UK, EU
Illicit Transactions	$100 billion
Stablecoin	A7A5 (1:1 to Russian ruble)

Summary: The rapid emergence of Grinex and related platforms highlights the adaptability of illicit networks in the crypto space, complicating enforcement and sanctions efforts.

Kraken Powers Crypto Trading for Europe’s Second-Largest Neobank Bunq

Bunq, Europe’s second-largest neobank after Revolut, has launched a new crypto trading feature for its banking app users in six European countries, powered by Kraken. The service, called bunq Crypto, is available in the Netherlands, France, Spain, Ireland, Italy, and Belgium, with plans to expand across the EEA, UK, and U.S. Bunq’s research indicates that 65% of European citizens want a single platform for banking, savings, and crypto investments, and over half of those surveyed find existing crypto platforms too complex for beginners.

Bunq users can now open an account in seconds and trade over 300 cryptocurrencies, including bitcoin, Ethereum, and Solana. The platform also introduced a 1% cashback feature for business and personal purchases. Bunq has over 17 million users and €8 billion ($9.1 billion) in deposits. In 2024, Bunq reported net profits of €85.3 million ($97.2 million), a 65% increase from €51.6 million ($58.9 million) in 2023. The company is seeking a UK banking license and has filed for a U.S. broker-dealer license. Kraken, meanwhile, is rolling out U.S. stocks and ETF trading for its U.S. customers, with plans to expand to the UK and Europe.

Crypto trading live in 6 countries: Netherlands, France, Spain, Ireland, Italy, Belgium
17 million users, €8 billion ($9.1 billion) in deposits
2024 net profit: €85.3 million ($97.2 million), up 65% from 2023
Over 300 cryptocurrencies available for trading

"Our users across the world have long waited for a simple, safe and straightforward way to invest in digital assets," said bunq founder and CEO Ali Niknam.

Source: The Block

Year	Net Profit (€ million)	Net Profit ($ million)
2023	51.6	58.9
2024	85.3	97.2

Summary: Bunq’s partnership with Kraken brings integrated crypto trading to millions of European users, reflecting growing demand for unified financial platforms.

UK Treasury Proposes New Crypto Asset and Stablecoin Regulations

The UK Treasury has published draft rules for crypto assets, signaling a move toward a comprehensive regulatory framework. The proposed regime would require the Financial Conduct Authority (FCA) to approve crypto exchanges and stablecoin issuers. The FCA is expected to impose reserve requirements on stablecoin issuers such as Tether and Circle, treating fiat reserves similarly to client money under existing financial regulations.

The Treasury’s policy note clarifies that authorized firms will not need to be registered under the Money Laundering Regulations but must notify the FCA and comply with anti-money laundering requirements. The new rules could significantly impact global stablecoin issuers operating in the UK. In the EU, Tether’s USDT has already been delisted from major exchanges due to MiCA regulations, which require stablecoin issuers to be licensed electronic money institutions. Unless Tether meets the FCA’s reserve requirements, similar restrictions could apply in the UK.

FCA approval required for crypto exchanges and stablecoin issuers
Reserve requirements for stablecoin issuers like Tether and Circle
Authorized firms must notify FCA and comply with AML requirements
Potential for USDT delisting in UK if requirements are not met

“It is now clearer that authorized firms will not also have to be registered under the Money Laundering Regulations, but they will have to notify the FCA and, of course, they will still have to comply with [anti-money laundering] requirements,” said Hannah Meakin, partner at Norton Rose Fulbright.

Source: CCN.com

Summary: The UK is moving toward stricter regulation of crypto exchanges and stablecoins, aligning with global trends and potentially impacting major stablecoin issuers.

BloFin Surpasses Top Exchange Standards in Performance and Broker Integration

BloFin, a futures-focused trading platform and Title Sponsor of TOKEN2049 Dubai 2025, has released an April 2025 technical performance report highlighting its superior trading execution, deep liquidity pools, and advanced broker integration. BloFin’s homepage scored 86 on Google PageSpeed, outperforming OKX (79), Binance (71), Bitget (60), and Bybit (54). Its spot and futures trading pages scored 66 and 63, respectively, surpassing major competitors. On mobile, BloFin ranks among the top three exchanges for app speed and efficiency, with a startup time of 1.57 seconds and a low stutter rate of 68 times. The platform uses only 354 MB of memory and 17% CPU, outperforming Binance (732 MB) and Bitget (832 MB).

BloFin leads the industry with over 30 broker integrations, including partners like CCXT, CoinStats, Tuleep Trade, Alertatron, and Crypto OS. The platform supports full public API access for futures trading and copy trading strategies, with more than 30 external brokers already integrated. BloFin has also introduced direct support for high-frequency bots and automated strategy deployment, enhancing liquidity and promoting organic growth. The platform offers 480+ USDT-M perpetual pairs, spot trading, copy trading, API access, unified account management, and advanced sub-account solutions, with a strong focus on security and compliance through integration with Fireblocks and Chainalysis.

Homepage PageSpeed score: 86 (higher than OKX, Binance, Bitget, Bybit)
Mobile app startup time: 1.57 seconds
Memory usage: 354 MB (Binance: 732 MB, Bitget: 832 MB)
CPU usage: 17%
30+ broker integrations
480+ USDT-M perpetual pairs supported

Source: CryptoSlate

Platform	Homepage Score	Memory Usage (MB)	CPU Usage (%)
BloFin	86	354	17
Binance	71	732	-
Bitget	60	832	-
OKX	79	-	-
Bybit	54	-	-

Summary: BloFin sets new standards in trading performance, liquidity, and broker integration, positioning itself as a leading platform for professional and institutional traders.

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