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Sky News AU
5 days ago
- Business
- Sky News AU
Crypto ATM provider Harro's Empires boss lost life savings, separated from partner over distress from AUSTRAC crackdown
An Australian owner of cryptocurrency ATMs whose business was shut down this week had lost his life savings and separated from his partner amid constant pressure from the nation's financial crimes agency. The Australian Transaction Reports and Analysis Centre (AUSTRAC) on Tuesday refused to renew the registration of Adelaide-based Harro's Empires, which owned and provided crypto ATMs, and forced limits on other providers over mounting concerns of scam, frauds and illegal activity. Aussies have reported losing $3 million on scams involving crypto ATMS over the past 12 months, with AUSTRAC raising concerns that older Australians were disproportionately targetted. After AUSTRAC cancelled Harro's Empires registration, the company's director Michael Harrison said the decision was 'devastating' after he had spent two years working with the agency to counteract fraud. 'I complied with every request, spent tens of thousands of dollars upgrading our systems, and enhanced our already existing anti-money laundering/counter terrorism financing controls (AML/CTF),' Mr Harrison said in a statement. 'We always had strict ID verification, reporting thresholds, and monitoring in place — but we made them even stronger at AUSTRAC's direction. "Every audit, every amendment, every compliance review — we met it head-on.' He claimed the company was 'never formally told' its machines were linked to criminal use or given a chance to address crimes concerns before being shut down. 'This wasn't just a business. It was built from the ground up with everything I had. I poured my life into it — financially and emotionally,' Mr Harrison said. 'The constant pressure and scrutiny from AUSTRAC took a serious toll. I've lost my life savings, my future plans, and I separated from my partner — largely due to the stress this fight placed on our family.' Harro's Empires is reviewing legal options and Mr Harrison said the company will 'ensure an orderly wind-down' after AUSTRAC de-registered it. The financial crimes agency said Harro's Empires crypto ATMS were at risk of being exploited and took severe action in a move likely to raise concerns for other crypto ATM providers. 'This action draws a clear line in the sand and serves as a warning to other digital currency exchange providers that aren't meeting their responsibilities under the AML/CTF Act,' AUSTRAC CEO Brendan Thomas said. He also noted the high amount of Australians aged 60-70 using the crypto ATMs raised alarm bells as a disproportionate number of people in this demographic are victims of scam activity. AUSTRAC Cryptocurrency Taskforce said it obtained data from nine ATMs showing the majority of users were over 50 and account for almost 72 per cent of transactions by value. It also noted 60-70 year olds accounted for 29 per cent of all transactions by value. AUSTRAC has enforced a $5000 limit on cash deposits and withdrawals, implemented mandatory scam warnings and enhanced customer protection obligations. 'The conditions are designed to help protect individuals from scams by deterring criminals from directing them to a crypto ATM, as well as to protect businesses from criminal exploitation,' Mr Thomas said. The CEO of Australia crypto trader Swyftx, which does not accept cash, said crypto ATMs were not offering consumers as much protection as exchanges. 'Most banks and large Australian crypto exchanges have advanced security systems in place to protect customers and that's left scammers scrambling around for alternatives,' Swyftx CEO Jason Titman told Sky News Australia. 'At the moment Crypto ATM's don't offer enough protection and it means Australians who use them are vulnerable to scammers.' Once cash is converted to a digital wallet, it is incredibly difficult to retrieve. AFP assistant commissioner for cyber command Richard Chin told ABC News he was aware of an elderly man who had been scammed $1.4m. He was reportedly instructed to make bank withdrawals and deposit the funds into a crypto ATM.
The Star
5 days ago
- Business
- The Star
Australia cracks down on crypto ATMs as scams, fraud uncovered
A Bitcoin ATM at a mall. Austrac 'has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions', Thomas said in a statement. — Bloomberg Australia's financial crimes agency placed curbs on cryptocurrency automatic teller machines as the surging number of kiosks increasingly attract fraudsters and scammers. The Australian Transaction Reports and Analysis Centre, known as Austrac, placed a A$5,000 (R M13,743 ) limit on cash deposits and withdrawals as part of new measures to safeguard consumers, according to a statement on June 3. It's also refused to renew the registration of one crypto ATM provider. Austrac "has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions,' chief executive officer Brendan Thomas said in the statement. It's also introduced "enhanced customer due diligence obligations, mandatory scam warnings, and requirements for more robust transaction monitoring.' Crypto ATMs have boomed in Australia over the past several years. There are now more than 1,800 machines in the country compared to just 23 in 2019, according to Austrac data. Customers aged 50 and older accounted for almost 72% of all crypto ATM transactions by value, with those between 60 and 70 representing 29%. Austrac warned late last year that cryptocurrencies posed a heightened criminal risk. The agency said Tuesday it also expects digital currency exchanges to consider imposing similar limits to those announced, if they accept cash for crypto transactions. "I would warn anybody who is asked to use one of these machines to send funds to someone to stop and think twice,' Thomas said. – Bloomberg
Yahoo
28-05-2025
- Business
- Yahoo
Alchemy Pay integrates PayID to support crypto payments
Alchemy Pay has incorporated PayID into its payment network, following its registration as a Digital Currency Exchange Provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This move enables Alchemy Pay to offer compliant fiat-to-crypto exchange services within Australia. PayID's integration into Alchemy Pay's payment system aims to streamline the conversion of Australian dollars (AUD) into cryptocurrencies, thereby facilitating the onboarding process for Australian users. PayID, a real-time interbank payment service, facilitates domestic transactions in Australia. Expanding beyond Australian borders, Alchemy Pay has also integrated a variety of regional payment methods to cater to the needs of its international users. In Europe, the company supports transaction options such as BLIK, Bancontact, Skrill, SEPA Instant, and Faster Payments, serving users in the European Union and the United Kingdom. In Southeast Asia, Alchemy Pay's partnerships with payment platforms like Dana, OVO, and QRIS in Indonesia; Maya, GrabPay, and GCash in the Philippines; Thai QR in Thailand; and Touch'n Go in Malaysia. Last month, Alchemy Pay obtained a money transmitter licence from the Arizona Department of Insurance and Financial Institutions in the US. Set up in 2017, Singapore based Alchemy Pay is a payment gateway that connects crypto with traditional fiat currencies for businesses, developers, and end users. The company offers On & Off-Ramp, Web3 Digital Bank and NFT Checkout, Alchemy Pay supports payments in 173 countries. "Alchemy Pay integrates PayID to support crypto payments " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Mayor
18-05-2025
- Business
- Business Mayor
AUSTRAC Fines Crypto Exchange Cointree for Reporting Failures
The Australian Transaction Reports and Analysis Centre has issued infringement notices totaling $75,120 to cryptocurrency exchange Cointree for failing to submit suspicious matter reports on time. Cointree Fined Despite Self-Reporting The Australian financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC), has issued infringement notices totaling $75,120 to cryptocurrency exchange Cointree for failing […] READ SOURCE
