In brief
- Burke revealed Australia’s crypto ATM count has exploded from 23 machines six years ago to over 2,000 today, with 85% of top user transactions linked to scams or money mules.
- The proposed legislation would grant AUSTRAC the authority to restrict or prohibit “high-risk products,” with crypto ATMs specifically targeted.
- The move follows months of regulatory pressure, including AUSTRAC revoking one operator’s license in June and imposing $5,000 transaction caps across the sector.
Australia’s Home Affairs Minister Tony Burke announced new rules on Wednesday to crack down on crypto ATMs, calling the machines a “high-risk product” linked to money laundering, scams, and child exploitation.
The announcement was part of broader
