Australia Targets Crypto ATMs in Bid to Fight Illicit Transactions
TLDR
- The Australian government will grant AUSTRAC new powers to regulate crypto ATMs.
- Home Affairs Minister Tony Burke announced that crypto ATMs are considered high-risk financial products.
- Burke confirmed that AUSTRAC will have the authority to restrict or prohibit these machines if necessary.
- The number of crypto ATMs in Australia has grown from 23 to nearly 2,000 in six years.
- AUSTRAC has linked crypto ATMs to money laundering, drug trafficking, and child exploitation.
Australia will expand its regulatory powers to combat the illicit use of cryptocurrency ATMs, following a rise in money laundering activities. The government plans to give AUSTRAC new authority to restrict or prohibit high-risk financial products. This…
