Australia is implementing measures to prevent the exploitation of cryptocurrency ATMs, which have been associated with money laundering and financial crime. The Australian Transaction Reports and Analysis Centre (AUSTRAC) has established a new task force to monitor and enforce compliance among cryptocurrency ATM operators across the country
The regulator stated that crypto ATMs, due to their simplicity of use and capacity to conduct quick, irreversible transactions, have become appealing targets for thieves. AUSTRAC CEO Brendan Thomas stated that the federal agency’s priority for 2025 will be to combat the criminal use of cryptocurrencies, notably through these ATMs.
Currently, Australia has over 1,200 cryptocurrency ATMs, with major suppliers such as Coinflip, Localcoin, and Cryptolink running hundreds of machines. Although these ATM operators are already required to follow certain regulations, such as registering with AUSTRAC, conducting Know Your Customer (KYC) checks, and monitoring transactions, the new task force will work to ensure that operators meet minimum standards, thereby reducing the risk of illicit activity.
The proposal also calls for increased inspection of questionable transactions and the production of comprehensive records for substantial cash inflows or withdrawals. With cryptocurrency’s rapid expansion, AUSTRAC wants to make sure that the industry works honestly and in accordance with the country’s financial crime prevention policies.
