Aussie Minister Outlines New ‘Powers’ to Target Crypto ATMs Amid Surging Crypto Crimes
Australian Minister for Home Affairs Tony Burke unveiled new “powers” for AUSTRAC to curb the usage of crypto ATMs.
Addressing the National Press Club in Canberra on Thursday, he explained that Bitcoin ATMs are being utilized by organized crime to launder cash.
The minister identified that Australia’s monetary crimes watchdog, AUSTRAC, discovered 85% of funds from prime crypto ATM customers have been concerned in scams.
Minister Burke stated that although not all ATMs are in danger, there are vital issues in areas which can be laborious to hint.
“I need AUSTRAC to have the facility to prohibit, or if it decides, to prohibit high-risk merchandise. Be in little question, crypto ATMs are a high-risk product,” he stated.
Drastic Rise in Crypto ATMs
Australia has skilled a drastic surge in Bitcoin ATM installations over the previous few years. From simply 73 machines in 2022, the quantity has grown 16-fold, reaching over 1,200 by August 2024.
“This is a product that’s multiplying rapidly – six years in the past, there have been 23 machines in operation. Three years in the past, there have been 200,” stated Brendan Thomas, AUSTRAC CEO.
“When we established the Crypto Taskforce on the finish of final yr, there have been 1,200. That quantity has now risen to 2,000.”
A separate statement from the regulator famous that the powers would give Thomas further choices to cut back cash laundering dangers related to high-risk merchandise.
“We’re nonetheless seeing an unacceptable danger of cash laundering throughout some channels,” Thomas added.
The monetary crimes regulator has been taking down a number of crypto ATMs throughout Australia, following the institution of an inner crypto taskforce final yr.
In a statement early this month, AUSTRAC stated it uncovered “a hidden world of scams and dodgy dealings,” from a number of kiosks.
“Our intelligence reveals they pose severe dangers for scams and cash laundering, with dozens of rip-off victims recognized,” it stated.
The company has already identified money mule activity and scams focusing on older Australians and carried out minimal requirements for crypto ATM suppliers.
“The taskforce has produced unbelievable leads to a quick time. We know there’s extra we are able to do to shield Australians from unscrupulous operators, so we’re increasing this essential work,” CEO Thomas stated on the time.
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