Australia cracks down on crypto ATMs as scams, fraud uncovered
(June 3): Australia’s financial crimes agency placed curbs on cryptocurrency automatic teller machines as the surging number of kiosks increasingly attract fraudsters and scammers.
The Australian Transaction Reports and Analysis Centre, known as Austrac, placed a A$5,000 (US$3,250 or RM13,776) limit on cash deposits and withdrawals as part of new measures to safeguard consumers, according to a statement Tuesday. It’s also refused to renew the registration of one crypto ATM provider.
Austrac “has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions,” chief executive officer Brendan Thomas said in the statement. It’s also introduced “enhanced customer due…
