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Australia To Ban Crypto ATMs Amid Rising Money Laundering Risks

Australia To Ban Crypto ATMs Amid Rising Money Laundering Risks

Author:

Global Cryptocurrency

Published:

2025-10-16 13:47:01

19

3

BTCCSquare news:

Australia is tightening its grip on cryptocurrency ATMs as authorities flag mounting concerns over money laundering and scams. Home Affairs Minister Tony Burke revealed plans to empower AUSTRAC, the nation's financial intelligence unit, with authority to prohibit high-risk products like crypto ATMs. The move targets machines that convert cash into digital currencies with minimal identity verification.

AUSTRAC CEO Brendan Thomas endorsed the proposal, citing the need for agile responses to evolving financial crime vectors. crypto ATMs have proliferated from 23 units in 2018 to nearly 2,000 today, processing approximately $275 million annually. Law enforcement analysis indicates 85% of frequent users either fall victim to scams or unwittingly facilitate criminal activity—with retirees accounting for 72% of transactional volume.

By:

Australia Grants AUSTRAC New Powers to Regulate Crypto ATMs Amid Rising Illicit Activity

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