Government Imposes Cash Withdrawal Limits on Crypto ATMs in Australia in New Scam Crackdown Attempt
The Australian government’s financial intelligence agency has imposed $5,000 cash withdrawal limits on crypto ATMs.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) adopted the new rules and refused to renew the registration of one crypto ATM operator, Harro’s Empires, after an agency task force flagged “worrying trends” in digital asset ATM compliance, according to a new press release.
AUSTRAC CEO Brendan Thomas says the task force noticed customer behavior that resembled scams, fraud and other illicit activity.
“The task force has uncovered disturbing trends, which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions. Surprisingly, the 60 to 70 age group was…
