It's not only overregulation, it's amateurish regulation.
Bitcoin Babe is highly traceable and has thousands of satisfied customers. She is registered with AUSTRAC and collects KYC, as is required by them. She uses GreenID (which provides KYC services for banking, loan, gambline, and crypto providers) and more.
The biggest consumer problem regarding Bitcoin Babe is that she has impersonators and fake affiliates, which she takes action against.
As is happening in other parts of the world, regulators supposedly embrace a business for a specific activity while at the same time, regulators in the same jurisdiction quietly make it very hard for the legitimate provider to︀ operate.
One other thing that irks me. AUSTRAC publish cancelled, suspended and refused Digital currency︁ exchange provider registrations. They reveal how many hundreds of providers they have registered, yet they︂ don't list them. So when a user sees a "registered digital currency exchange regulated by︃ AUSTRAC" claim, they can't verify it. That isn't consumer protection, it's inept.
I don't mean︄ to hate on AUSTRAC exclusively. Regulators in many other jurisdictions are botching things just as︅ badly.
