Australia’s financial crime regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC), has raised alarms about cryptocurrency ATMs, warning that they may be facilitating money laundering and fraud.
The concern comes after AUSTRAC’s cryptocurrency task force, launched in December 2024, identified troubling trends involving crypto ATMs, including links to scams and fraudulent activities.
AUSTRAC’s CEO, Brendan Thomas, stressed that cryptocurrency ATM providers must strengthen their operational standards to reduce the likelihood of their machines being exploited for illicit purposes.
Currently, Australia leads the Asia-Pacific region with over 1,648 cryptocurrency ATMs, a sharp increase from just 23 in 2019. Sydney alone has 348 of these machines. This rise in ATM numbers coincides with a growing push from lawmakers in the U.S. to impose stricter regulations on cryptocurrency kiosks, particularly as scams, including those targeting vulnerable senior citizens, continue to rise.
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Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/australia-warns-crypto-atm-operators-over-money-laundering-risks/