Australia’s Crypto ATMs Under Fire — Regulators Push for Ban Powers

Australia is intensifying oversight of its rapidly expanding network of over 2,000 crypto ATMs, which ranks third globally. Regulators, citing concerns over fraud and money laundering, are pushing for legislation to grant the Australian Transaction Reports and Analysis Centre (AUSTRAC) the authority to restrict or ban high-risk services entirely. A survey indicated that 85% of frequent users were either scam victims or involved in illicit fund transfers, with senior citizens being particularly vulnerable. Previous measures included cash deposit caps and stronger due diligence, but the proposed law would allow AUSTRAC to act against entire categories of high-risk products. While some industry players argue against stifling innovation, regulators emphasize that the goal is crime prevention and safeguarding vulnerable users.

(Source：BeInCrypto)