Crypto ATMs could be banned in Australia as ‘high risk’ | Information Age
Home Affairs Minister Tony Burke says criminal money is being processed through crypto ATMs. Photo: Shutterstock
Cryptocurrency ATMs are a “high risk product” that are hard to trace and could be banned in Australia altogether, Home Affairs Minister Tony Burke has warned while introducing legislation to expand AUSTRAC’s anti money laundering (AML) powers.
The machines, which let customers deposit cash for conversion into the anonymous cryptocurrency favoured by scammers and criminals, have spread rapidly in Australia, which had just 23 crypto ATMs six years ago but now has over 2,000 of the devices.
That’s the third highest penetration of crypto ATMs in the world, Burke told the National Press Club on…
