Australian Minister for Home Affairs announces new regulations to crack down on cryptocurrency ATMs

PANews, October 16—According to Decrypt, Australian Minister for Home Affairs Tony Burke announced new regulations on Wednesday to crack down on cryptocurrency ATMs, describing them as "high-risk products" associated with money laundering, fraud, and child exploitation. The announcement is part of broader new powers introduced by Australia to combat money laundering, terrorism financing, and criminal risks. Burke stated that six years ago, there were only 23 cryptocurrency ATMs in Australia, which increased to 200 three years ago, and now has reached 2,000, showing rapid growth. Because cash purchases of cryptocurrency are difficult to trace, AUSTRAC has linked cryptocurrency ATMs to various criminal activities. Investigations have found that 85% of the funds flowing through major users are related to scams or serve as money laundering "mules." This marks a peak in regulatory pressure on an industry accused of fueling financial crime and lacking effective oversight. Currently, relevant legislation is being drafted and will be submitted to parliament for review in the coming months, granting AUSTRAC the authority to restrict or ban "high-risk products." Burke stated that he would introduce this legislation.