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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
23 minutes ago
- News.com.au
Virgin Australia returns to sharemarket with a bang
Virgin Australia has returned to the sharemarket after a five-year hiatus with a massive $685m initial public offering on Wednesday, and it could influence the future health of the Australian economy. In the biggest IPO of the year, the Bain Capital-owned airline has decided to return to the ASX amid a rise in domestic tourism and spending. The offer will almost halve Bain's stake in the airline from about 70 per cent to 39.4 per cent. Qatar Airlines, which recently invested in Virgin, will reportedly keep its 23 per cent holding. If successful, Virgin's listing in the market will be seen as a sign of a bright future for the Australian economy, as investors signpost the potential for the nation's consumer spending to recover. If it fails, it could point to the opposite. So far, all signs point to a successful IPO, as domestic travel demand recovers and the two recent RBA rate cuts ease the pressure on Australian households. Qantas has been trading at a record high, and the ASX itself has been overwhelmingly up despite swings. 5.1 million passengers were on domestic commercial flights in Australia as of March, a figure sightly below the same time last year but more than four times the numbers in mid-2021. Despite Virgin's voluntary administration in 2020 following Covid-19 travel restrictions, after which it was acquired by US private equity company Bain, it now corners 34.4 per cent of the domestic market share as of March 2025. It is not lagging much behind Qantas, which holds 37.5 per cent, according to the Australian Competition and Consumer Commission. The death of other budget airlines such as Bonza and Rex has only boosted these two major players. Virgin is also planning to resume long-haul international flights made possible by its partnership with Qatar. The airline is conducting its IPO using a front-end book-building method, where investor bids are submitted before the prospectus receives approval from Australian regulators. According to the term sheet, institutional investors were able to their bids up to Thursday, with the stock expected to begin trading on June 24. Virgin's IPO will be the largest in Australia following the DigiCo Infrastructure REIT launch that raised $2bn in December before a 30 per cent downturn in share price. Experts say the Virgin IPO could offer investors a unique entrance into the Australian airline market, but it has its own risks. 'Virgin Australia's planned return to the ASX via a $A685m initial public offering is the first major IPO of 2025, and one to watch closely,' eToro market analyst Josh Gilbert said. 'The IPO, priced at $A2.90 per share, gives the airline a market cap of $ It follows the on-and-off IPO over the last two years when the airline sector has moved from strength to strength, with companies around the world announcing record profits and seeing shares rally. 'Under Bain's direction, Virgin Australia has streamlined operations, focusing on profitable domestic routes, and achieved record underlying earnings of $A439m in the latest half year. 'Essentially, it's a very different airline than it was in 2020 and it is far more attractive to investors. Having only one real competitor in the landscape, Qantas, makes the offer uniquely appealing.' However, the investment could also be a major risk. 'Investors may view Virgin's IPO as an opportunity to gain exposure to Australia's duopoly airline market at a compelling valuation that will trade at a discount to Qantas,' Mr Gilbert said. 'Although the airline sector has had a great few years, investors should be mindful of its razor-thin margins and cyclical risks, particularly if demand slows amid slowing consumer spending.'
News.com.au
23 minutes ago
- News.com.au
Respected wagering figure Dean Shannon steps down as boss of Entain Australia
ENTAIN Australia boss Dean Shannon has announced he is stepping down from his role at the helm of the business from June 30. Shannon, a pioneer and highly respected figure in wagering circles, said the decision to depart was to allow Entain Australia and New Zealand the chance to enter a new phase, declaring 'it was the right time for change'. During Shannon's tenure as the boss of Entain Australia, returns to industry from the organisation have flourished, securing partnerships north of $50 million, with wagering brands Ladbrokes and Neds at the forefront of some of the three racing code's major events and initiatives. • PUNT LIKE A PRO: Become a Racenet iQ member and get expert tips – with fully transparent return on investment statistics – from Racenet's team of professional punters at our Pro Tips section. In announcing the departure, Stella David, Group CEO of Entain, thanked Shannon for his service. 'We thank Dean for his significant contribution to Entain, and for managing the Australian and New Zealand businesses,' David said. 'The growth and integration of Neds and Ladbrokes into our global portfolio of podium position brands has been a particular highlight and he has more recently delivered what we believe is a market leading compliance program in Australia. 'As the Australian business enters its next phase, we will continue to demonstrate our commitment to compliance and responsibly deliver great products to our customers.' With Shannon set to depart at the end of the month, respected wagering figure Andrew Vouris has been appointed Interim CEO. Vouris brings a wealth of knowledge into the role, boasting more than 17 years of leadership experience in wagering, operations and innovation at some of Australia's biggest wagering operators, including Tabcorp and Entain. In his time at Tabcorp, Vouris played a key role in managing complex regulatory and compliance matters, including the response to Tabcorp's AUSTRAC proceedings in 2017. Shannon's departure comes as Entain Australia reaches the pointy end of its own legal fight with AUSTRAC, taken to Federal Court over alleged breaches of 'serious non-compliance with Australia's money laundering laws.' The exit of Shannon from the business draws the curtain on a 13-year association with the Ladbrokes brand. Back in 2012, Shannon launched startup corporate bookmaker before selling it a year later to Ladbrokes which served as the international brand's entry point into the robust Australian market. Five years later, Shannon then founded which found a niche market in sports and racing betting, before it was also sold to the owner's of Ladbrokes, consolidating its place in the Australian market. Part of the Neds transaction in 2017 saw Shannon take the reins as boss of the Australian business for Entain where it has enjoyed significant market growth during that time. Entain Australia has commenced the search for a permanent CEO.
AU Financial Review
37 minutes ago
- AU Financial Review
$46 billion better off: The ‘super' shifts that can redefine retirement
First, adopt age-based investment strategies. This is the simplest and most impactful place to start. Yet today, less than one-third of the MySuper accounts in Australia are invested in this way. Russell Investments' research shows that if all super funds had implemented suitable age-based investment strategies five years ago, Australians with MySuper accounts would be $46 billion better off — an average uplift of 6.6 per cent per person. Second, go beyond age to tailor investments to individuals' circumstances. Investment strategies should consider the amount of super saved, retirement timing, contribution rates and assets held outside super. Today, most Australians are still placed in default portfolios that overlook these inputs. Without more personalisation of their super, they risk falling into two traps come retirement: some may run out of money too early, while others may be overly cautious and miss out on the lifestyle they worked hard to afford. Third, use technology to make it easy for people to set retirement goals, track progress and adjust along the way. Planning for retirement shouldn't begin in the final few years of work. Just setting a goal and managing to it can enhance outcomes. This is an area where technology can be a powerful differentiator. Most Australians are familiar with technology that help track fitness, spending or habit formation; retirement planning should be no different. Russell Investments was one of the first in Australia to bring digital planning tools to superannuation, enabling fund members to assess how their projected retirement income aligns with their retirement goals. Data shows this approach is working. More than half of the members that set a retirement income goal are on track or ahead of their target — a 43 per cent increase since 2020. This goal-based feedback becomes a far more useful guidepost than an account balance, especially during periods of market volatility. It helps inform the actions to take (or avoid) to stay on track, including how to invest, how much to contribute, and when they might retire. For example, two people may be the same age and close to retirement but require very different strategies. One who is on track might benefit from reducing investment risk to protect their savings. Another who is tracking behind may need to increase contributions, take on more risk, or delay retirement to close the gap. Personalising super through age-appropriate investing, individualised strategies and goal-based guidance can help improve outcomes and close the retirement savings gap. It gives more Australians, not just those with access to a financial adviser, the ability to align their super with the life they want after work. If more super funds embrace these changes, Australia won't just maintain its position as a global leader in retirement savings, it will help define the future of retirement security.
