AUSTRAC has issued a warning to crypto ATM operators in Australia about potential sanctions for failing to comply with anti-money laundering regulations.
AUSTRAC Warning
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has warned crypto ATM operators that consequences will follow for violating anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Since December, AUSTRAC's task force has been working with ATM operators to ensure compliance with these regulations.
Crypto ATM Situation in Australia
Australia leads the Asia-Pacific region with 1,648 crypto ATMs as of 2023, a significant increase from 23 in 2019. Around 348 machines are located in Sydney, with most accepting cash for Bitcoin purchases, increasing the risk of illicit fund transfers. AUSTRAC warns of rising fraud cases and savings loss among crypto ATM users.
Global Context and Implications
The global crypto ATM market is experiencing a slowdown due to regulatory pressures. As per Coin ATM Radar, over 1,000 crypto ATMs were taken out of service worldwide in February 2025. The United States leads the market with over 78% of machines, followed by Canada, Australia, and Europe. Australian crypto ATM operators are required to register with AUSTRAC and comply with AML/CTF rules, with significant fines for non-compliance.
The increased scrutiny by AUSTRAC and other international bodies aims to enforce stricter compliance and protect crypto ATM users from fraud and associated risks.
