Crypto ATM Scams Rip Off Aussies: Seniors Bear the Brunt
- A months-long investigation by AUSTRAC has found widespread compliance failures by crypto ATM operators, which has resulted in stricter operation conditions being imposed.
- Australians over age 50 were found to be responsible for almost 72% of crypto ATM transactions by value, with those aged 60 – 70 alone accounting for 29%.
- Australia is currently the world’s fastest growing market for crypto ATMs, with the number of machines having exploded from 23 in 2019 to over 1,800 today.
An investigation by Australia’s financial crimes watchdog, AUSTRAC, has revealed widespread lack of compliance by crypto ATM (CATM) operators, resulting in one operator losing their registration and others being hit with…
