Australian Minister for Residence Affairs Tony Burke unveiled new “powers” for AUSTRAC to curb using crypto ATMs.
Addressing the Nationwide Press Membership in Canberra on Thursday, he defined 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 mentioned that although not all ATMs are in danger, there are important issues in areas which can be arduous to hint.
“I would like AUSTRAC to have the facility to limit, or if it decides, to ban high-risk merchandise. Be in little doubt, crypto ATMs are a high-risk product,” he mentioned.
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.
“It 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,” mentioned Brendan Thomas, AUSTRAC CEO.
“After 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 assertion from the regulator famous that the powers would give Thomas further choices to scale back cash laundering dangers related to high-risk merchandise.
“We’re nonetheless seeing an unacceptable threat of cash laundering throughout some channels,” Thomas added.
AUSTRAC Taskforce Uncovers ‘Hidden World of Scams’
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 press release early this month, AUSTRAC mentioned it uncovered “a hidden world of scams and dodgy dealings,” from a number of kiosks.
“Our intelligence exhibits they pose critical dangers for scams and cash laundering, with dozens of rip-off victims recognized,” it mentioned.
The company has already recognized cash mule exercise and scams focusing on older Australians and carried out minimal requirements for crypto ATM suppliers.
“The taskforce has produced unbelievable ends in a short time. We all know there’s extra we will do to guard Australians from unscrupulous operators, so we’re increasing this vital work,” CEO Thomas mentioned on the time.
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