AUSTRAC Clamps Down on Crypto ATMs Amid Rising Scam Activity Targeting Elderly Users

Australia’s financial intelligence agency AUSTRAC has revoked the license of crypto ATM operator Harro’s Empires and imposed strict new regulations on the sector following a surge in fraudulent transactions. The crackdown comes as data reveals 72% of crypto ATM transaction value originates from users over 50, with scammers particularly targeting victims aged 60-70.

Effective immediately, all crypto ATM transactions are capped at AUD $5,000 per transaction, with enhanced customer due diligence requirements. Digital currency exchanges accepting cash deposits have been advised to implement similar safeguards. "We’re seeing life savings wiped out through these machines," said AUSTRAC CEO Brendan Thomas, describing the trend as a "national emergency" for retirement-aged Australians.

The regulatory action follows months of intensified monitoring after a 2023 taskforce identified systemic compliance failures across Australia’s 350+ crypto ATMs. Nine major providers now face ongoing audits as authorities consider additional measures to curb scam-related losses exceeding millions monthly.