TechFlow reported on March 31, citing Decrypt, that Australia's Transaction Reports and Analysis Centre (AUSTRAC) has issued a warning to cryptocurrency ATM operators, stating these machines could be exploited for money laundering and fraudulent activities. AUSTRAC CEO Brendan Thomas emphasized the need to ensure cryptocurrency ATM operators establish robust risk mitigation mechanisms.
According to data from Coin ATM Radar, Australia currently has 1,648 cryptocurrency ATMs—the highest number in the Asia-Pacific region—with Sydney alone hosting 348 units, a significant increase from just 23 in 2019. Under Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act, all digital currency exchanges—including cryptocurrency ATM operators—must register with AUSTRAC, conduct KYC checks, monitor transactions, and report cash transactions exceeding 10,000 Australian dollars.
