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Australia Plans Law Granting AUSTRAC Power to Ban Crypto ATMs

Australia Plans Law Granting AUSTRAC Power to Ban Crypto ATMs

Australia’s Minister for Home Affairs Tony Burke seeks to enhance AUSTRAC’s authority to crack down on cryptocurrency ATMs, targeting money laundering and scams.

Fact Check
Multiple credible sources, including official AUSTRAC press releases and statements from Australia's Home Affairs Minister, confirm a proposal to introduce a new law. This law would grant the AUSTRAC CEO the power to restrict or ban high-risk crypto ATMs to combat financial crime.
Summary

Australia’s Minister for Home Affairs, Tony Burke, has proposed new regulations to grant AUSTRAC expanded powers to regulate cryptocurrency ATMs. With 2,100 crypto ATMs in the country, these measures aim to reduce the use of these machines for scams and money laundering. AUSTRAC’s proposed powers would allow for restrictions or prohibitions on high-risk crypto ATM products. The rise in crypto ATMs from 23 in 2017 to over 2,100 today signals growing concerns over their misuse for illicit financial activities.

Terms & Concepts
  • AUSTRAC: The Australian Transaction Reports and Analysis Centre, responsible for regulating anti-money laundering and counter-terrorism financing compliance.
  • Crypto ATM: A physical kiosk enabling the purchase or sale of cryptocurrency using cash or bank cards.