Seniors Losing Millions to Crypto ATM Scams – Australia Takes Action
Australia’s financial intelligence authority has stepped up efforts to combat cryptocurrency scams by implementing new restrictions on crypto ATMs, a commonly exploited channel for fraudsters targeting vulnerable users.
This week, the Australian Transaction Reports and Analysis Centre (AUSTRAC) rolled out a set of updated operational rules for crypto ATM operators. The key provision includes a cap of AUD 5,000 on both deposits and withdrawals when using these machines. In addition, AUSTRAC mandates that ATM kiosks now display scam warning signage and implement enhanced transaction monitoring and due diligence processes for users.
These changes mark a significant regulatory shift for the crypto ATM industry in Australia and come amid…
