Australia Tightens Grip on Crypto ATMs amid Surge in Scams & Money Laundering

As crypto ATM installations surge across Australia, posing a growing threat to financial security, the government is taking action. New powers have been granted to AUSTRAC to target high-risk machines and curb criminal activities related to these devices. This move follows a report revealing that 85% of funds withdrawn from top users via these ATMs are linked to scams. These machines have become a prime concern for financial crime watchdog, AUSTRAC, which has launched a dedicated task force to tackle illicit activity.