AUSTRAC cracks down on crypto ATMs due to scams
Sky News Business Reporter Edward Boyd says money laundering regulator AUSTRAC is cracking down on cryptocurrency ATM providers after Australians lost more than $3 million to crypto ATM scams in 2024.
These ATMs allow customers to use cash to buy cryptocurrencies such as Bitcoin and Ethereum.
AUSTRAC and the Australian Federal Police say older users are often the victims of investment scams, romance scams and extortion emails.
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