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Australia Imposes Stricter Regulations on Crypto ATMs Following $3M Scam Surge
Australia Imposes Stricter Regulations on Crypto ATMs Following $3M Scam Surge
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Australia’s financial intelligence agency AUSTRAC has enacted stringent new measures targeting cryptocurrency ATMs, cashing cash transactions at AU$5,000 (US$3,250) and mandating enhanced customer verification. The crackdown follows ReportCyber data revealing $3.1 million in scam losses over 12 months, with 72% of victims aged over 50.
Operators must now display scam warnings and implement robust transaction monitoring. "These machines are increasingly weaponized for fraud," stated AUSTRAC, noting the AFP’s warnings about underreported losses. Between January 2024-2025, 150 scam cases were tied to crypto ATMs—a vulnerability hotspot for older investors navigating digital asset infrastructure.
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