Cryptocurrency scams are taking place over crypto ATMs according to AUSTRAC investigators. Photo: nito100.
Australia’s financial intelligence agency AUSTRAC is cracking down on crypto ATM operators, cancelling one licence and placing strict conditions on others.
A crypto ATM is a kiosk that allows someone to purchase cryptocurrencies by using cash or debit cards.
Some crypto ATMs allow the purchase of cryptocurrencies and the sale of them for cash.
The AUSTRAC Cryptocurrency Taskforce has flagged worrying trends in crypto ATM compliance.
The taskforce obtained data from nine crypto ATM providers showing that the majority of crypto ATM users are over 50 years of age and account for almost 72 per cent of all transactions by value, with…
