Australia targets crypto ATMs in money laundering crackdown
The surging market growth calls for action to tackle cryptocurrency crime.
Australia’s financial crime watchdog, AUSTRAC, has launched a dedicated cryptocurrency task force to enforce anti-money laundering laws on crypto ATM providers. The move aims to curb the rising use of cryptocurrency in scams, money laundering, and fraud as the sector grows rapidly.
The task force will focus on ensuring that digital currency exchanges offering crypto ATM services implement robust safeguards against illicit activities. Australia currently has 1,200 crypto ATMs and 400 registered digital currency exchange providers. Non-compliance with regulations will result in financial penalties, AUSTRAC warned.
With Bitcoin surpassing $100,000 following Donald Trump’s election as US president, the global cryptocurrency market has nearly doubled in value this year. AUSTRAC CEO Brendan Thomas emphasised the urgent need for action, citing the increasing number of Australians falling victim to crypto-related scams.