US EditionAustralia AUSTRAC Cracks Down on Crypto ATM Providers as Scammers Target the Elderly
- Australia's financial crime agency AUSTRAC announced a crackdown on crypto ATM providers on June 3, 2025, due to rising scams targeting mostly older victims.
- The crackdown follows rapid growth in crypto ATMs, increasing from 23 in 2019 to over 1,800 today, amid reports of millions lost in scam-related transactions.
- AUSTRAC identified that criminals pressure victims, especially people aged 50 and above, to deposit cash into crypto ATMs to send cryptocurrency for investment, extortion, or romance scams.
- AUSTRAC CEO Brendan Thomas revealed that their investigations over recent months have identified patterns indicating that cryptocurrency ATMs are frequently exploited for scams and fraudulent activities, emphasizing the difficulty of recovering funds once they have been transferred.
- AUSTRAC imposed a $5,000 cash deposit and withdrawal limit, mandatory scam warnings, enhanced due diligence, and refused one operator's license to reduce criminal misuse and protect consumers.
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33 Articles
Retired nurse loses more than RM100k of husband's savings to scammers
KUANTAN: A 72-year-old retired nurse from Bentong, Pahang lost RM111,044 of her husband’s savings after being duped by scammers who convinced her that her bank account was linked to money laundering activities. © New Straits Times Press (M) Bhd
AUSTRAC Implements New Crypto ATM Regulations
The post AUSTRAC Implements New Crypto ATM Regulations appeared on BitcoinEthereumNews.com. The Australian government has introduced a decisive measure through its financial intelligence agency, AUSTRAC, by setting a cap on daily cash withdrawals from cryptocurrency ATMs at 5,000 Australian dollars. This regulatory move echoes growing concerns over the potential misuse of these ATMs for questionable activities, subsequently resulting in the disc…
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https://www.cryptela.comAUSTRAC Imposes New Limits on Crypto ATMs in Australia
AUSTRAC sets a cash withdrawal limit on Australia's crypto ATMs for greater oversight. The elderly are disproportionately using crypto ATMs, exposing them to potential fraud. Continue Reading: AUSTRAC Imposes New Limits on Crypto ATMs in Australia The post AUSTRAC Imposes New Limits on Crypto ATMs i...
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