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.
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.
According to AUSTRAC, Australia has about $ 150,000 in a password ATM transaction every year, and about $ 225 million is moved using cash to purchase Bitcoin (BTC), Tether (USDT) and ether (ETH).
Millions of people were lost due to encryption ATM fraud.
The Australian Federal Police (AFP) said on June 3 that Reportcyber, an online cyber crime reporting system of this country, received 150 unique reports related to encryption ATMs between January 2024 and January 2025.
In addition, the total loss exceeded the Australian dollar of $ 3.1 million ($ 2 million) and said, “It can be the tip of the iceberg.”
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Commander AFP Marshall said that through Crypto ATM, many people did not know how to not realize the victims or report scams.
“A scammer often uses sophisticated tactics to bring out the victim’s funds. We recommend people to talk with their families and friends to raise awareness and prevent others from falling.”
Australia was a slow market for encryption ATM, but adoption increased exponentially near 2022 after private companies began to build up in the market.
The country is currently the third largest hub of Crypto ATM, and according to Coin ATM radar data, Australia has 1,819 ATMs from August 67, 2022.
Australia’s major encryption ATM providers include Localcoin and 753 is stable. Coinflip with 700 ATM; And 182 Bitcoin warehouses.
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