The Australian government is proposing new powers for Austrac to restrict crypto ATMs
Australia’s home affairs minister Tony Burke aims to give new powers to the country’s anti-money laundering watchdog to crack down on cryptocurrency ATMs.
Burke proposed the According to an announcement on Thursday.
The announcement did not specifically describe what the new powers would be, but said more details about the proposed amendments would be available in due course.
Crypto ATMs allow users to buy cryptocurrency by inserting cash or a bank card and having the crypto delivered to a wallet. They are, however, often used for unhealthy activities. Scammers can, for example, advertise goods for sale, direct their buyer to deposit funds in a specific wallet and then disappear.
There are 2,100 such terminals in Australia, according to The data provided by the ATM radar coin.
Austrac specifically highlighted crypto ATMs as an example of a product it seeks to restrict, as they allow money launderers to convert cash into digital currency “which can be sent instantly and virtually anonymously around the world.”
“This is a product that is growing rapidly – six years ago there were 23 machines in operation,” Austrac CEO Brendan Thomas said. “Three years ago there were 200 … that number has now risen to 2,000.”
Austrac said that the majority of high-value Crypto transactions are directly related to scams or money transfers in high-risk jurisdictions, based on a sample of 90 of the most practical users, of which 85% are directly related to scams or similar.
The guard Enforced restrictions on the use of crypto ATMs Earlier this year. Placing a limit on cash deposits and withdrawals and requiring operators to enhance their due diligence.
Read more: New Zealand wants to ban crypto atms in anti-money laundering overhaul
