AUSTRAC cracks down on crypto ATM operators
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has refused to renew the registration of cryptocurrency ATM operator Harro’s Empires and placed new operating requirements on others.
The actions follow AUSTRAC’s Cryptocurrency Taskforce’s finding that older Australians make up a sizable percentage of cryptocurrency ATM users, many of whom seem to have fallen victim to scams.
Brendan Thomas, CEO of AUSTRAC said the taskforce has discovered troubling trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud related transactions.
“Surprisingly, the 60 to 70 age group were identified as the one of the most prolific users of crypto ATMs in Australia. It…
