Australia’s financial crime regulator has issued a warning to cryptocurrency ATM operators, expressing concerns that these machines could be used for money laundering and fraud. The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced on Monday that its cryptocurrency task force, formed in December, identified suspicious activities linked to crypto ATMs, including connections to scams and fraudulent activity. AUSTRAC CEO Brendan Thomas emphasized the need for providers of cryptocurrency ATMs to implement strong operational standards to mitigate the risk of illicit use of these machines. Data from Coin ATM Radar shows Australia currently has over 1,648 cryptocurrency ATMs, making it the nation with the highest number in the Asia-Pacific region. This is a significant increase from just 23 machines available in 2019, with Sydney alone boasting 348 of these ATMs. This warning comes as U.S. lawmakers are also tightening regulations on cryptocurrency kiosks in response to a surge in scam cases targeting elderly individuals.