Australia Launches Task Force to Tackle Crypto ATM Non-Compliance

Australia national financial intelligence agency, AUSTRAC, has announced a focused crackdown on crypto ATM operators as part of its efforts to combat money laundering and criminal misuse of cryptocurrency. In a December 6 statement, AUSTRAC CEO Brendan Thomas emphasized the need for stricter oversight in the sector, citing the increasing appeal of cryptocurrency for illicit activities. AUSTRAC Targets AML Non-Compliance “Crypto ATMs offer criminals an accessible channel to launder money due to their widespread availability and the instant, irreversible nature of transactions,” said Thomas. The agency plans to establish a dedicated task force in 2025 to ensure compliance with Anti-Money Laundering (AML) laws across the industry. The task force will enforce compliance with existing regulations requiring crypto ATM operators to register with AUSTRAC, conduct Know Your Customer (KYC) checks, monitor transactions, and report suspicious activities. Operators are also obligated to submit reports for cash transactions exceeding AU$10,000 (approximately $6,500 USD). Non-compliance could result in hefty penalties, including fines up to AU$158,400 or 12 years in prison. For laundering amounts over AU$1 million, penalties increase to AU$333,000 and up to 25 years of imprisonment. Australia Becomes a Crypto ATM Hotspot Australia has rapidly become a major hub for Bitcoin ATMs , ranking third globally. According to Coin ATM Radar, the country boasts 1,302 crypto ATMs as of December 2024, a significant jump from just 67 in August 2022. This growth outpaces traditional strongholds in Asia, including countries like China, Japan, and Singapore. This exponential rise in crypto ATMs coincided with increased private-sector investment starting in late 2022. By April 2023, Australia had more crypto ATMs than the entirety of Asia. Leading providers like Coinflip, Localcoin, and Cryptolink collectively operate hundreds of machines, making Australia a key player in the global crypto landscape. Despite this growth, AUSTRAC revealed that only a fraction of its 400 registered digital currency exchanges also operate crypto ATMs. The agency aims to address potential risks posed by this discrepancy, prioritizing enforcement actions against high-risk and non-compliant operations. As crypto adoption accelerates in Australia, AUSTRAC’s initiative underscores the challenges of balancing financial innovation with robust regulation . The post Australia Launches Task Force to Tackle Crypto ATM Non-Compliance appeared first on TheCoinrise.com .

Source: The Coin Rise