Australia Targets Crypto ATMs in New Anti-Money Laundering Crackdown

Australia's Home Affairs Minister Tony Burke has unveiled sweeping new powers to regulate cryptocurrency ATMs, citing their rapid proliferation and alleged ties to illicit activities. The number of crypto ATMs in Australia has surged from just 23 machines in 2018 to over 2,000 today—an 8,600% increase that regulators say correlates with rising financial crimes.

AUSTRAC, Australia's financial intelligence unit, will gain authority to restrict or ban "high-risk" crypto products under the proposed legislation. Burke revealed that 85% of high-volume transactions at these ATMs are linked to scams or money mule operations, with cash-based crypto purchases creating untraceable money flows.

The crackdown follows months of escalating regulatory pressure. In June, AUSTRAC revoked a major operator's license and imposed industry-wide transaction caps of $5,000. The minister specifically connected crypto ATM usage to money laundering, fraud, drug trafficking, and even child exploitation networks.