Australia is tightening control over crypto ATMs due to increasing concerns about their potential misuse for money laundering and fraud. The country's regulators are warning crypto ATM owners about rising risks.
Risks Uncovered by AUSTRAC's Crypto Taskforce
On Monday, the Australian Transaction Reports and Analysis Centre stated that their crypto taskforce, formed last December, uncovered worrying trends related to crypto ATMs, indicating links to scams. AUSTRAC CEO Brendan Thomas emphasized the need for crypto ATM providers to have strong systems in place to prevent money laundering and protect citizens.
Global Spread of Crypto ATMs
According to Coin ATM Radar, Australia now has more than 1,648 crypto ATMs, more than any other country in the Asia-Pacific region. However, globally, the US leads with around 30,000 crypto ATMs, followed by Canada and then Australia.
Fraud Prevention Measures in the US
Amid global concerns over crypto ATM misuse beyond Australia, US lawmakers are also discussing tightening controls. Illinois Senator Dick Durbin introduced a bill limiting the number of transactions at crypto ATMs and ensuring refunds for scam victims.
AUSTRAC's warnings highlight the importance of taking strong steps to prevent misuse of crypto ATMs. Effective protective measures can serve as a model for other countries aiming to safeguard their cryptocurrency users.
