Australia Moves to Ban Crypto ATMs Amid Money Laundering Concerns
Australia's financial intelligence agency AUSTRAC is set to gain expanded powers to prohibit high-risk financial products, including cryptocurrency ATMs, as part of a crackdown on money laundering and scams. Home Affairs Minister Tony Burke announced the proposed legislation, which targets the anonymity and rapid transaction capabilities of crypto ATMs.
AUSTRAC CEO Brendan Thomas endorsed the measure, citing the machines' role in facilitating anonymous cross-border transfers. crypto ATM usage has surged from 23 units in 2018 to nearly 2,000 today, processing an estimated $275 million annually through 150,000 transactions.
Law enforcement analysis reveals 85% of frequent users either fall victim to scams or unwittingly aid criminal activity. The regulatory MOVE reflects growing global scrutiny of cash-to-crypto onramps as potential vectors for financial crime.
