Australia is taking a closer look at its booming crypto ATM industry. With over 1,600 machines across the country (a huge jump from just 23 in 2019), regulators are concerned about potential illegal activity.
Regulators Find “Worrying Trends”
The Australian Transaction Reports and Analysis Centre (AUSTRAC) recently announced that a special task force investigating crypto ATMs has uncovered some troubling signs. They’ve found evidence suggesting that some ATMs might be used for scams and money laundering. AUSTRAC CEO Brendan Thomas stated that the task force has seen “worrying trends and indicators of suspicious activity,” including transactions possibly linked to fraud.
Increased Scrutiny and Potential Enforcement
The rapid growth of crypto ATMs, mostly used for buying Bitcoin with cash, has prompted this increased scrutiny. AUSTRAC plans to work with ATM providers to improve compliance with anti-money laundering and counter-terrorism (AML/CTF) laws. However, Thomas also issued a strong warning: operators who don’t comply will face enforcement action. The goal is to ensure crypto ATMs aren’t used for illegal activities. AUSTRAC wants to make sure providers have strong systems in place to prevent money laundering and scams.
