The Australian authorities are considering the introduction of stricter regulations on the use of cryptocurrency ATMs due to increased risks of money laundering and financial misconduct.
This is reported by Business • Media
AUSTRAC May Gain New Powers
Australian Minister for Home Affairs Tony Burke has initiated changes to legislation that would allow the CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC) to block or limit the use of high-risk financial products and services. The focus is on cryptocurrency transactions and the operation of cryptocurrency ATMs, through which over $275 million is processed annually.
AUSTRAC CEO Brendan Thomas has supported this initiative, emphasizing the need for a prompt response to new challenges in financial security. According to him, cryptocurrency operations pose a particular danger as they are increasingly integrated into money laundering schemes.
“We are still observing an unacceptable level of money laundering risk through certain channels. For example, cryptocurrency transactions are increasingly being integrated into laundering schemes, and cryptocurrency ATMs carry even greater risks due to the potential for rapid and almost anonymous transfers of funds.”
Growth in Popularity of Cryptocurrency ATMs and Fraud Threats
According to a working group from AUSTRAC, the number of cryptocurrency ATMs in Australia has increased from 23 to 2000 units over the past six years. Approximately 150,000 transactions are conducted through them annually, with the total amount of transfers exceeding $275 million. It is particularly noteworthy that 85% of active users of these devices are victims of fraudulent schemes or individuals coerced into transferring funds.
The most active age group among cryptocurrency ATM users is individuals aged 50 to 70, accounting for nearly 72% of all transactions. AUSTRAC experts consider this demographic to be the most vulnerable to financial abuses. Should new legislative measures be adopted, the agency will have the ability to restrict or even ban the use of cryptocurrency ATMs in the country.
It is worth noting that in September 2025, the Australian government released a bill aimed at comprehensive regulation of the cryptocurrency industry.