Published on December 11, 2024
By: Karin Interfector
AUSTRAC, Australia’s financial intelligence agency, has set up a dedicated unit to track down and penalize crypto ATM operators who breach anti-money laundering laws.
The goal is to prevent crypto ATMs from being used for criminal activity. AUSTRAC says the team will ensure that crypto exchanges running these services comply with minimum security standards.
Under the AML/CTF Act of 2006, crypto exchanges in Australia must register with AUSTRAC, verify customer identities (KYC), monitor transactions, report suspicious activity, and disclose cash transactions over $10,000.
The Australian agency announced the initiative on the social media platform X. AUSTRAC stated that it will take action against crypto ATM providers who don’t comply with anti-money laundering regulations.
Brendan Thomas, the agency’s head, issued this statement:
“Cryptocurrency ATM providers need to ensure they are complying with their money laundering obligations and are reducing the risks of crime. If they’re ignoring those obligations they risk being subject to significant financial penalties and AUSTRAC won’t hesitate in taking action”.
“This is the first step in AUSTRAC’s focus to reduce the criminal use of cryptocurrency in Australia. We will be focusing on this industry over the course of next year”.
AUSTRAC notes that although only a small number of the 400 registered crypto exchanges provide ATM services, Australia has around 1,200 crypto machines in total. The agency is focused on encouraging more companies to register and comply with regulations. According to Coin ATM Radar, there are currently 1,308 Bitcoin ATMs across the country.
In August this year, Australian authorities uncovered a major crypto scam that affected over 2,000 local wallets. The scammers used phishing to trick victims into authorizing fraudulent transactions. Reports suggest this tactic has enabled criminals to steal more than $4 billion in cryptocurrency since 2021.
Australia’s cryptocurrency market has seen significant growth in recent years, ranking ninth globally in adoption. With a rate of 17%, higher than the global average of 15%, the country has experienced a steady increase in crypto users, particularly among younger people, many of whom are under 24. Bitcoin remains the dominant cryptocurrency.
Cointree’s data shows that the most popular cryptocurrencies in Australia are Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), with Dogecoin (DOGE) and Cardano (ADA) following closely behind.
Further news:
- Russian Government to Ban Crypto Mining in Some Regions.
- Ant CEO Eric Jing says asset tokenization is essential for economic transformation.
- Bolivian Bank Bisa Launches USDT Custody Service.
- More Than 60 New Bitcoin Addresses Holding 1,000 to 10,000 BTC Emerged in 2024.
- Uruguay Passes New Law to Regulate the Crypto Industry.
- Worldcoin Grows in Mexico While Facing Sanctions in Argentina and Global Scrutiny.
Subscribe to the Purse.io Newsletter to stay updated with our weekly insights on Blockchain, e-commerce, and cryptocurrencies. Don’t forget to follow us on X for the latest on Hamza, the first Web3 marketplace powered by the Loadpipe protocol and the LOAD token. This solution is designed to enhance e-commerce with low gas fees, trading freedom, and a wide range of cryptocurrencies.
We’re excited to introduce the Hamza.biz Ambassador Program—a great chance to see how Web3 is changing e-commerce. As an ambassador, you’ll get exclusive access to our private Discord channel, where you can share your ideas and earn gifts and bonuses. Click here to learn more