Australia Warns Crypto ATM Operators Over Money Laundering Risks
The concern comes after AUSTRACs cryptocurrency task force, launched in December 2024, identified troubling trends involving crypto ATMs, including links to scams and fraudulent activities.
AUSTRACs CEO, Brendan Thomas, stressed that cryptocurrency ATM providers must strengthen their operational standards to reduce the likelihood of their machines being exploited for illicit purposes.
Currently, Australia leads the Asia-Pacific region with over 1,648 cryptocurrency ATMs, a sharp increase from just 23 in 2019. Sydney alone has 348 of these machines. This rise in ATM numbers coincides with a growing push from lawmakers in the U.S. to impose stricter regulations on cryptocurrency kiosks, particularly as scams, including those targeting vulnerable senior citizens, continue to rise.
The post Australia Warns Crypto ATM Operators Over Money Laundering Risks appeared first on Coindoo.
Read more: https://coindoo.com/australia-warns-crypto-atm-operators-over-money-laundering-risks/
Text source: Coindoo
