Aussie Minister Outlines New ‘Powers’ to Target Crypto ATMs Amid Surging Crypto Crimes
Australian Home Affairs Minister Tony Burke has unveiled new “powers” for AUSTRAC to limit the use of crypto ATMs.
Speaking to the National Press Club in Canberra on Thursday, he explained that Bitcoin ATMs are used by organized crime to launder money.
The minister highlighted that Australia’s financial crimes watchdog, AUSTRAC, found that 85% of major crypto ATM users’ funds were involved in scams.
Minister Burke said that while not all ATMs are at risk, there are significant problems in areas that are difficult to trace.
“I want AUSTRAC to have the power to restrict, or if it decides, to ban high-risk products. Have no doubt, crypto ATMs are a high-risk product,” he said.
Australia has seen a drastic increase in Bitcoin ATM installations over the past few years. From just 73 machines in 2022, this number has increased 16-fold, reaching over 1,200 in August 2024.
Source: CoinTimeATM
“This is a rapidly growing product: six years ago there were 23 machines in operation. Three years ago there were 200,” said Brendan Thomas, CEO of AUSTRAC.
“When we created the Crypto Taskforce late last year, there were 1,200. That number has now increased to 2,000.”
A separate statement from the regulator said the powers would give Thomas additional options to reduce money laundering risks associated with high-risk products.
“We still see an unacceptable risk of money laundering through certain channels,” Thomas added.
The financial crime regulator has removed several crypto ATMs across Australia, following the creation of an internal crypto task force last year.
In a statement released earlier this month, AUSTRAC said it had uncovered “a hidden world of scams and questionable transactions” from several kiosks.
“Our intelligence shows that they pose serious risks of fraud and money laundering, with dozens of fraud victims identified,” the statement said.
The agency has previously identified money mule activity and scams targeting older Australians and implemented minimum standards for crypto ATM providers.
“The taskforce has produced incredible results in a short time. We know we can do more to protect Australians from unscrupulous operators, which is why we are expanding this important work,” CEO Thomas said at the time.
Read original story Australian minister outlines new ‘powers’ to target crypto ATMs amid surge in crypto crimes by Sujha Sundararajan on Cryptonews.com
