Australia Moves to Curb Crypto ATMs After AUSTRAC Data
- Proposed changes include allowing the financial intelligence agency to restrict or ban entire categories of crypto services (like ATMs), rather than acting only on specific operators
- AUSTRAC found that in a sample of high-volume users, around 85% of transactions were linked to scams or money-mule behavior
- Data from the agency indicates that ATMs process about 150,000 transactions each year, totaling around $275 million in value
AUSTRAC (Australian Transaction Reports & Analysis Centre) is being granted expanded regulatory powers to tackle what authorities are calling high-risk crypto ATM activity. Proposed changes include allowing the financial intelligence agency to restrict or ban entire categories of crypto…