Australia to Let AUSTRAC Ban High‑Risk Crypto ATMs Amid Fraud
TLDR
- Australia now ranks third globally with over 2,000 active crypto ATMs.
- AUSTRAC wants power to ban entire categories of high‑risk crypto services.
- Seniors aged 50–70 make up 72% of transaction values through crypto ATMs.
- An estimated 85% of frequent users are linked to scams or illicit fund transfers.
Australia is moving to tighten control over its booming crypto ATM industry, which has grown from 23 machines in 2019 to over 2,000 today. A national survey found that 85% of frequent users were either fraud victims or involved in illegal fund transfers. With elderly users most at risk, authorities are now pushing for new laws that would let AUSTRAC restrict or ban high‑risk services entirely.
