Australian regulator warns of money laundering and fraud risks at cryptocurrency ATMs

according to Decrypt, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a warning to cryptocurrency ATM operators, stating that these devices may be used for money laundering and fraudulent activities. AUSTRAC CEO Brendan Thomas stated the need for cryptocurrency ATM operators to establish robust risk prevention mechanisms.

According to Coin ATM Radar data, Australia currently has 1,648 cryptocurrency ATMs, the highest in the Asia-Pacific region, with 348 in Sydney alone, a significant increase from 23 in 2019.