Australian authorities have charged Brendan Gunn, the brother of Olympian breakdancer Rachael Gunn, with allegedly dealing with funds reasonably suspected to be the proceeds of crime.
The Australian Securities and Investments Commission (ASIC) accused Gunn of handling two bank cheques totaling $181,000, derived from investments made by three individuals seeking cryptocurrency conversions.
Brendan Gunn had confirmed his relationship to Rachael during the Olympics, posting on X that he was proud of his “amazing sister” for competing in a new Olympic sport and representing Australia, despite her losses.
ASIC alleges that between March 19, 2020, and May 15, 2020, Gunn engaged in financial transactions with money that could reasonably be suspected to be criminal proceeds. As a director of Mormarkets Pty Ltd, a company that facilitated fiat-to-crypto conversions, Gunn allegedly continued to open bank accounts despite repeated closures by financial institutions citing concerns over scams.
Alleged Misconduct and Legal Consequences
The charges against Gunn fall under section 400.9(1) of Australia’s Criminal Code, carrying a maximum penalty of three years in prison, a fine of $37,800, or both. The Commonwealth Director of Public Prosecutions is leading the case following ASIC’s investigation and referral. Gunn appeared before Sydney Downing Centre Local Court on March 4 and is scheduled to return on April 29.
ASIC Chair Joe Longo stated that the regulator is committed to targeting financial misconduct. “ASIC continues to prioritize scam prevention and detection activity to protect consumers,” Longo said. “We will continue to partner with international law enforcement organizations and investigate and take action where we see misconduct.”
Crypto Regulation Under Scrutiny
The case against Gunn comes amid broader regulatory efforts in Australia to tighten oversight of the cryptocurrency industry. In February, the Australian Transaction Reports and Analysis Centre (AUSTRAC) took action against 13 remittance service providers and crypto exchanges, with over 50 others under investigation for potential compliance violations.
AUSTRAC CEO Brendan Thomas signaled in December that the agency would intensify its focus on cryptocurrency businesses in 2025, specifically targeting crypto ATM providers that may be evading anti-money laundering laws. ASIC also released a consultation paper in December outlining potential new requirements for crypto firms, including classifying many digital assets as financial products, which would subject them to stricter licensing regulations.
Brendan Gunn’s legal troubles have drawn attention due to his connection to his sister, Rachael Gunn, who gained fame as an Olympic breakdancer in the 2024 Games. Performing under the stage name “Raygun,” she went viral for her energetic breakdancing routines, including a performance mimicking a kangaroo. Despite losing all three of her battles in the competition, her brother publicly supported her efforts.
