Australian Regulators Say ‘Worrying Trends’ Arising With Crypto ATMs, Put Providers ‘On Notice’
Australian regulators are cracking down on the country’s more than one thousand crypto ATMs amid concerns over scams and fraud.
In a new announcement, the Australian Transaction Reports and Analysis Centre (AUSTRAC) is putting crypto ATM providers on notice, saying that some firms may be in violation of anti-money laundering and counter-terrorism (AML/CTF) provisions.
AUSTRAC’s CEO Brendan Thomas says that a task force set up in December to investigate crypto ATMs has found evidence of possible illegal behavior.
“The task force has been busy engaging with businesses to understand the risks in their sector and assess their compliance with the law. It’s identified worrying trends and indicators of suspicious activity,…
