Australia Cracks Down on Crypto Exchanges Enforcing Stricter Regulations

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• Cryptocurrencies: 11.57M

• Exchanges: 795

• Market Cap: $3.18T (-0.26%)

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• Coin with Highest % Change: RAI (+10.52%)

📈 Preview On Today’s News:

1. - Australia Cracks Down on Crypto Exchanges Enforcing Stricter Regulations

2. - Pump.fun Founder Calls for Memecoin Launch Guardrails Amid LIBRA Scandal

3. - EU Sets New Competency Standards for Crypto Advisors Under MiCA

Keep reading below for more!

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Today’s News:

1)

Australia Cracks Down on Crypto Exchanges Enforcing Stricter Regulations

Australia’s financial crime agency, AUSTRAC, has issued warnings to over 50 financial institutions for failing to comply with anti-money laundering and counter-terrorism financing laws, particularly regarding cryptocurrency transactions. Investigations have been launched against 13 crypto exchanges for not disclosing key personnel backgrounds, with firms given 28 days to address deficiencies or risk losing their licenses. AUSTRAC CEO Brendan Thomas highlighted the risks associated with unregulated crypto transactions, prompting increased oversight and scrutiny. Rising compliance costs are also pressuring smaller exchanges, potentially reshaping the Australian crypto market.

• AUSTRAC is tightening regulations, warning over 50 financial institutions and investigating 13 crypto exchanges for compliance failures, with potential license revocations.

• Heightened scrutiny and rising compliance costs are straining smaller crypto platforms, influencing market dynamics and reshaping the industry in Australia.

2)

Pump.fun Founder Calls for Memecoin Launch Guardrails Amid LIBRA Scandal

The founder of Solana-based Pump.fun has urged for stricter regulations on token launchpads following the fallout from the controversial LIBRA memecoin launch. Launched on Feb. 15 and briefly endorsed by Argentine President Javier Milei, LIBRA saw $107 million siphoned from its liquidity pool, wiping out $4.4 billion in market cap within six hours. In response, Pump.fun’s pseudonymous founder, Alon, defended his platform, stating it was designed to prevent insider-controlled token launches and called for measures to improve transparency, user education, and security in memecoin trading. Meanwhile, Meteora co-founder Ben Chow resigned amid allegations related to the LIBRA launch but denied any insider trading, while Jupiter founder Meow announced an independent investigation into the situation.

• LIBRA memecoin, endorsed by President Milei, saw a $4.4 billion market cap collapse after wallets drained $107 million in liquidity, sparking calls for stricter launchpad regulations.

• Pump.fun’s founder proposed transparency measures to prevent insider token manipulation, while Meteora’s co-founder resigned amid controversy, prompting an independent investigation.

3)

EU Sets New Competency Standards for Crypto Advisors Under MiCA

The European Securities and Markets Authority (ESMA) has proposed new guidelines to establish minimum competency standards for professionals advising on crypto assets under the EU’s Markets in Crypto-Assets Regulation (MiCA). Released on February 17, the guidelines require advisors to demonstrate expertise in blockchain technology, crypto risks, market operations, and regulatory compliance. Crypto asset service providers must also ensure ongoing training, maintain qualification records, and conduct annual competency reviews. The consultation period for industry feedback is open until April 22, with final guidelines expected in the third quarter of 2025.

• ESMA's proposed guidelines mandate crypto advisors to meet minimum qualifications, undergo regular training, and comply with competency reviews to enhance investor protection.

• Industry participants can submit feedback until April 22, with the final regulations expected later in 2025 as the EU strengthens oversight of the crypto sector.

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