Alchemy Pay Spreads Its Wings to Australia, Has a Positive Impact on ACH Coin?

Bittime - Alchemy Pay Officially Recognized by AUSTRAC, Crypto Services in Australia Are Getting Easier! For crypto fans in Australia, there is exciting news! Alchemy Pay, a well-known fintech platform, has just received official permission from Australian Transaction Reports and Analysis Centre (AUSTRAC). 

With this permission, Alchemy Pay can now operate as a digital asset exchange provider, making it easier for people to exchange traditional money (fiat) for crypto assets safely and legally.

What Does This Mean for Australian Society?

With this official status, Alchemy Pay can become a more trusted "bridge" between the world of conventional finance and the crypto ecosystem. Users in Australia can now enjoy crypto to fiat conversion services without worrying about breaking the rules. Not only that, companies are also required to comply with Australia's strict regulations regarding prevention money laundering (AML) and terrorism financing (CTF), so that transactions become more transparent.

Ailona Tsik, CMO of Alchemy Pay, emphasized their commitment:
"Our mission is to build a robust and regulatory compliant infrastructure, while strengthening public trust. We are passionate about serving Australian users with the principles of legal compliance and optimal risk management."

Read too Is Alchemy Pay (ACH) a Good Investment? Following are the predictions and developments

AUSTRAC Increases Surveillance: Crypto ATMs in Spotlight

Not only issuing permits, AUSTRAC is also increasingly monitoring crypto service providers, especially ATM crypto. This institution is concerned that ATM services are vulnerable to being exploited for money laundering or fraud. 

Starting last December, AUSTRAC set up a special team to ensure all crypto ATM operators comply with the rules:

1. Verify user identity (KYC).

2. Report suspicious transactions.

3. Record cash transactions above $10,000 AUD.

Brendan Thomas, CEO of AUSTRAC, stated:
"This is the first step to minimize the misuse of crypto in illegal activities. This year, we will focus on strict supervision in this sector."

Industry Players Have Moved

Alchemy Pay is not the only one that complies with regulations. Last September, MoonPay—a global crypto exchange platform—has also registered with AUSTRAC. This shows a positive trend where large crypto companies are increasingly serious about collaborating with regulators for user security.

Read too Alchemy Pay (ACH): Can It Rise to $1? This is the Analysis and Prediction

Conclusion: It's safe to invest, as long as...

Even though this news is positive, investors still need to be wise. Make sure you only use crypto services officially registered such as Alchemy Pay or MoonPay. That way, your transactions are better protected from the risk of fraud or legal violations.

So, ready to explore the world of crypto in Australia more comfortably? Come on, take advantage of trusted services and still obey the rules!

FAQ

What are the benefits of Alchemy Pay being listed with AUSTRAC?

Users in Australia can now exchange fiat currency for crypto legally and safely. This registration guarantees Alchemy Pay's compliance with anti-money laundering regulations, so that transactions are more transparent and reliable.

Why is AUSTRAC strictly monitoring crypto ATMs?

Crypto ATMs are vulnerable to misuse for money laundering or fraud. AUSTRAC requires operators to verify user identity (KYC), report suspicious transactions, and record large transactions (>$10,000 AUD) to prevent illegal activity.

How to choose a safe crypto platform in Australia?

Make sure the platform is officially registered with AUSTRAC, such as Alchemy Pay or MoonPay. ServeRegistered agents are required to comply with security regulations, so that the risk of fraud or violation of the law is minimal.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference

Temitope Olatunji, Alchemy Pay Secures AUSTRAC Registration to Expand Crypto Services in Australia, Accessed January 28, 2025

Author: IN