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Australia is taking action against potential misuse of crypto ATMs amid rising concerns, warning providers about rising risks of money laundering and fraud. As part of these efforts, Australia’s financial crimes watchdog has issued a warning to crypto ATM owners, stating that many of these machines may be aiding criminals in money laundering or deceiving people out of their money.
In a statement released Monday, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said that its crypto taskforce, which was formed last December, uncovered “worrying trends and indicators of suspicious activity” related to crypto ATMs, such as links to scams and fraud.
AUSTRAC’s Crypto Taskforce Uncovers Risks in Crypto ATMs
These findings show how crypto ATMs work. Often called “kiosks,” crypto ATMs allow people to buy or sell cryptocurrencies with cash or credit cards, without undergoing the same identity checks as regular banks.
AUSTRAC CEO Brendan Thomas said, “We want to ensure crypto ATM providers have strong systems in place to prevent money laundering and protect innocent people.”
AUSTRAC’s taskforce initially focused on crypto ATMs but has now expanded its scope to address compliance issues industry-wide.
Under Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act, all DCEs—including those operating crypto ATMs—are required to register with AUSTRAC. They must conduct KYC checks, monitor transactions, and file Suspicious Matter Reports, along with reporting any cash transactions over $10,000.
According to Coin ATM Radar, Australia now has more than 1,648 crypto ATMs, more than any other country in the Asia-Pacific region. The number is up from just 23 in 2019, with 348 located in Sydney.
While Australia leads in the Asia-Pacific region, crypto ATMs are growing rapidly worldwide. There are now over 37,900 crypto ATMs globally, with the United States alone having the highest number, around 30,000. Canada follows with over 3,500, and then comes Australia.
Compared to this, countries like Spain and Poland are also seeing a rapid increase in the number of crypto ATMs. Currently, nearly 69 countries have installed these ATMs, and more than 356 operators manage them. While they offer a convenient way to buy and sell crypto, criminals can also misuse them. For this reason, countries such as Australia have implemented additional measures to prevent fraudulent activities.
Global Concerns Prompt US Lawmakers to Take Action
AUSTRAC’s warning has also come at a time when U.S. lawmakers are continuously talking about tightening control over crypto kiosks because fraud cases are increasing there too, and most of the victims are elderly people.
Illinois Senator Dick Durbin introduced the Crypto ATM Fraud Prevention Act last month. This bill limits the number of transactions allowed at crypto ATMs each day and ensures that scam victims receive a refund if they report the fraud within 30 days.
Meanwhile, Nebraska has passed the Controllable Electronic Record Fraud Prevention Act, which includes provisions for giving fraud warnings and providing refunds to users who report fraud within 90 days.
Overall, it would be right to say that AUSTRAC’s warning is like an alert for crypto ATM providers to improve their systems and prevent misuse. Currently, Australia is far ahead of other countries in terms of crypto ATM adoption, which makes strong regulations even more necessary to implement. Now, Australia’s proactive stance can serve as an example for other countries that want to protect crypto users.
