Australia Cracks Down on Crypto ATMs Amid Rising Scams

Australian authorities are intensifying scrutiny of cryptocurrency ATMs as reports reveal a surge in illicit activities targeting vulnerable populations. AUSTRAC, the nation's financial intelligence agency, confirms new restrictions including a AUD5,000 transaction cap and enhanced identity verification protocols.

Annual volumes now exceed 150,000 transactions worth AUD275 million, with cash deposits dominating the flow. Tasmania's police reports detail staggering losses—15 victims defrauded of AUD2.5 million collectively, including one individual's AUD750,000 disappearance. Fraudsters typically coerce elderly targets into converting cash at machines before funneling funds abroad.

While regulators deploy task forces to enforce compliance, gaps persist in monitoring the rapidly expanding network. The crackdown reflects global tensions between crypto accessibility and consumer protection, with Australia prioritizing safeguards for its aging demographic.