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Australia Moves to Ban High-Risk Crypto ATMs as Fraud Concerns Mount
Australia Moves to Ban High-Risk Crypto ATMs as Fraud Concerns Mount
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BTCCSquare news:
Australia's crypto ATM market has exploded to over 2,000 machines—the third-largest globally—but regulators are now cracking down. AUSTRAC seeks sweeping powers to ban entire categories of high-risk services after finding 85% of frequent users were either scam victims or conduits for illicit funds.
Seniors aged 50-70 bear the brunt, accounting for 72% of transaction values. With annual volumes hitting $275 million across 150,000 transactions, authorities warn these machines have become a favored tool for financial predators. The proposed reforms mark a dramatic shift for a sector that operated just 23 ATMs nationwide in 2019.
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