The Australian authorities are considering strengthening control over cryptocurrency ATMs and cryptocurrency transactions in order to combat money laundering and financial fraud. Australia’s Minister for Home Affairs, Tony Burke, has proposed granting the CEO of the Australian Transaction Reports and Analysis Centre (AUSTRAC) new powers to restrict or completely ban high-risk products and services.
This is reported by Finway
Cryptocurrency ATMs Under Close Scrutiny
The CEO of AUSTRAC, Brendan Thomas, supported this initiative, noting that expanding powers would allow the agency to respond quickly to modern threats, including the increasing role of cryptocurrencies in money laundering schemes. According to Thomas, cryptocurrency ATMs pose unique risks due to the potential for rapid and nearly anonymous money transfers.
“We are still observing an unacceptable level of money laundering risk through certain channels. For example, cryptocurrency transactions are increasingly being integrated into laundering schemes, and cryptocurrency ATMs carry even greater risks due to the ability for quick and nearly anonymous money transfers.”
Statistics and Vulnerable Groups
Data from AUSTRAC indicates that over six years, the number of cryptocurrency ATMs in Australia has grown from 23 to 2000. Approximately 150,000 transactions totaling over $275 million are conducted through these devices each year. Moreover, 85% of active cryptocurrency ATM users are victims of fraud or individuals coerced into making money transfers. The age group of 50-70 years is particularly vulnerable, accounting for nearly 72% of all transactions through cryptocurrency ATMs.
AUSTRAC identifies this group as the most sensitive to financial abuses. If the proposed changes are adopted, the agency will have the ability to restrict or completely ban the use of cryptocurrency ATMs, protecting citizens from fraud.
It is worth noting that in September 2025, the Australian government also introduced a bill aimed at comprehensive regulation of the crypto industry.