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Home»ALTCOIN NEWS»Australia will maintain the Crypto ATM rules to determine the rules to fight fraud.
ALTCOIN NEWS

Australia will maintain the Crypto ATM rules to determine the rules to fight fraud.

By Crypto FlexsJune 3, 20253 Mins Read
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Australia will maintain the Crypto ATM rules to determine the rules to fight fraud.
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Australia’s National Financial Intelligence Service announced a new operating rules and trading limit for encryption ATM operators, saying that the federal police said that fraud through kiosks are increasing.

Australia’s transaction report and analysis center (AustrAc) are implementing a $ 5,000 ($ 3,250) limit for cash deposits and withdrawal for encryption ATMs, fraudulent warning, more powerful trading monitoring, and customer duty obligations. It was revealed.

The current limit applies only to encryption ATM providers. However, Austrac predicts that the encryption exchange operated in Australia will consider that if you accept the cash on encryption transactions, you will be considered a similar limit.

AUSTRAC’s CEO, Brendan Thomas, does not have a new rules as a stone, and “Efficiency of these conditions” is being reviewed and will be adjusted while inhibiting suspicious activities in cooperation with law enforcement agencies and ATM providers.

“This condition is designed to protect individuals from fraud by preventing criminals from instructing encryption ATMs and protecting the business from crime exploitation.”

“In light of risks and damage, we think that the sector needs to meet the minimum standard and reduce the misuse of Crypto ATM.”

Austrac Task Force investigated the data from nine encryption ATM providers, and most users were over 50 years old and accounted for almost 72%of all transactions.

The encryption ATM, depicted in the Sydney Shopping Center, also grew up in gasoline broadcasting stations, convenience stores and some food stores. source: Coin ATM radar

Task Force was established in September to investigate whether there are appropriate funds and terrorist checks in Crypto ATM.

Thomas said, “It is a great concern that people of this demographic statistics are excessively expressed as a customer who uses cash to purchase cryptocurrency, and as evidenced by evidence, many users aged 60-70 are victims of fraud.