Crypto ATMs increasingly used for scams and money laundering: AUSTRAC
Australians are losing millions of dollars each year to scams linked to cryptocurrency ATMs and older people have been the group most caught up in illicit activity through the machines.
Financial crimes agency AUSTRAC has now intervened — introducing sweeping industry-wide controls after uncovering links to scams, money laundering and other illegal activity.
The regulator has also refused to renew one crypto ATM (CATM) operator’s registration.
Cryptocurrency ATMs are located across the country — in petrol stations, convenience stores, supermarkets and takeaway shops.
They allow users to convert cash into digital currencies like Bitcoin, which is transferred to a digital wallet. Some machines also let users cash out their…
