Crypto ATMs to be banned in money laundering crackdown
Crytocurrency ATMs will be banned under proposed legislation due to their vulnerability to criminal activity — but one of the country’s largest providers says the move is a “step back” for the digital economy.
Associate Justice Minister Nicole McKee announced on Wednesday that the Government would ban crypto ATMs as it worked to reform its anti-money laundering and countering terrorism financing programme (AML/CFT).
She told 1News the machines were a “sound form of money laundering” and were used for criminal purposes.
“In fact, we caught a guy overseas who used crypto to buy meth to send here and it was over 100 kilograms of it.”
She said she had been “alarmed” to hear about the use of cryptocurrencies to finance crime and purchase…
