Hammer falls on crypto ATMs over scams, laundering
Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering.
Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims.
Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet.
Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said.
"The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said.
Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70.
"It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity."
The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million.
While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported.
"Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said.
"This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed."
Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years.
Around $275 million was moved through crypto ATMs nationally in 2024.
AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said.
"But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said.
"The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity."
While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said.
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Sydney Morning Herald
an hour ago
- Sydney Morning Herald
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The Age
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