The move follows rising concerns over the exploitation of cryptocurrencies for money laundering, scams, and money mule operations as interest in digital assets grows worldwide.
AUSTRAC announced that the task force will ensure digital currency exchanges offering crypto ATM services comply with Australia’s anti-money laundering (AML) regulations. These efforts aim to strengthen safeguards against the use of crypto ATMs for transferring funds linked to fraudulent activities.
Crypto ATMs, which allow users to buy and sell digital assets like Bitcoin and Dogecoin for cash, have grown in popularity. Australia currently has 1,200 operating crypto ATMs, and around 400 digital currency exchange providers are registered with AUSTRAC.
“Cryptocurrencies and crypto ATMs are appealing to criminals because they enable quick, irreversible transfers and are easily accessible,” said AUSTRAC CEO Brendan Thomas. “Too many Australians are falling victim to scams involving cryptocurrency, and providers who fail to follow AML laws will face financial penalties.”
The cryptocurrency market has seen significant growth, with its total value nearly doubling in 2024. Bitcoin, in particular, continues to break records, reflecting the broader adoption of digital assets globally.
AUSTRAC’s initiative highlights a growing global trend among regulators to address the risks posed by cryptocurrency while balancing its potential for innovation.
The agency’s proactive measures aim to protect consumers and preserve trust in Australia’s financial systems amidst the expanding digital economy.
