The Australian Securities and Investments Commission (ASIC) has charged Brendan Gunn, the brother of Australian Olympic breakdancer Rachael Gunn, for allegedly dealing with money suspected to be the proceeds of crime while operating a fiat-to-crypto conversion business.
In a statement released on March 5, ASIC accused Gunn of handling two bank cheques linked to four separate investment transactions totalling $181,000. The funds were reportedly deposited by three victims who had intended to convert their money into cryptocurrency.
Gunn, a director at Mormarkets, allegedly continued opening bank accounts to facilitate these transactions despite repeated closures by financial institutions over scam-related concerns. According to ASIC, Gunn was warned about these risks but persisted in operating the business.
He faced a local court on March 4 and is scheduled to return on April 29. If convicted, he could face a prison sentence of up to three years, a fine of $37,800, or both.
Rachael Gunn, known in the breaking community as “Raygun,” gained international attention for her performances at the 2024 Paris Olympics, where she incorporated Australian-themed moves, including hopping like a kangaroo. Despite failing to win any of her three battles, her brother publicly praised her efforts.
ASIC Chair Joe Longo reaffirmed the commission’s commitment to cracking down on financial crime, stating that the agency prioritizes scam prevention and enforcement.
The case unfolds amid increasing regulatory scrutiny of the cryptocurrency sector in Australia. The Australian Transaction Reports and Analysis Center (AUSTRAC) has recently intensified its oversight, investigating over 50 crypto-related entities and taking action against 13 remittance service providers in February.
AUSTRAC CEO Brendan Thomas previously announced that, starting in 2025, the agency would focus on strengthening anti-money laundering regulations in the crypto industry, particularly targeting compliance issues with crypto ATMs. Meanwhile, ASIC has proposed new guidance that would classify many digital assets as financial products, requiring businesses dealing in crypto to obtain licenses.
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