Australian Regulator Cracks Down on Crypto ATM Providers
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced the creation of an internal cryptocurrency task force in response to the increasing exploitation of digital currency for money laundering and fraudulent activities.
The agency has also found that the value of the cryptocurrency market has almost doubled this year, with Bitcoin reaching record highs.
As part of its efforts, AUSTRAC will ensure that crypto ATM providers comply with anti-money laundering laws and have effective measures in place to prevent their machines from being used for scams or fraud.
Australia currently has 1,200 operating crypto ATMs and 400 registered digital currency exchange providers. CEO Brendan Thomas stated that the agency has observed many Australians falling victim to scams through cryptocurrency and is taking action to address this issue.