Australia’s Government Proposes New Powers for AUSTRAC to Restrict Crypto ATMs
Australia’s Minister for Home Affairs Tony Burke seeks to grant new powers to the country’s anti-money laundering watchdog to crack down on cryptocurrency ATMs.
Burke proposed measures to enable the Australian Transaction Reports and Analysis Centre (AUSTRAC) to restrict or prohibit certain high-risk products, according to an announcement on Thursday.
The announcement did not specifically describe what the new powers would be, but said more details about the proposed amendments would become available in due course.
Crypto ATMs allow users to buy cryptocurrency by inserting cash or a bank card and having crypto delivered to a wallet. They are, however, often used for nefarious activity. Scammers may, for example, advertise goods for sale,…
