Australia Imposes Stricter Regulations on Crypto ATMs to Combat Scams and Money Laundering

Australia has rolled out stringent new measures targeting cryptocurrency ATM operators, including a A$5,000 ($3,250) cash transaction limit and enhanced compliance checks. The move, announced by the Australian Transaction Reports and Analysis Centre (AUSTRAC), aims to curb fraud and strengthen anti-money laundering protocols.

Scam warnings must now be prominently displayed at all crypto ATMs, alerting users to potential risks. Operators are also required to implement more rigorous customer verification processes and monitor transactions for suspicious activity. "These conditions are designed to protect individuals from scams and businesses from criminal exploitation," said AUSTRAC CEO Brendan Thomas.

The regulatory crackdown follows a taskforce investigation that revealed nearly 72% of crypto ATM transaction value involved individuals over 50, with those aged 60-70 accounting for 29% alone. One operator, Harro’s Empires, had its registration revoked for non-compliance.