Australia’s financial crime regulator, AUSTRAC, has alerted crypto ATM providers to potential money laundering risks associated with their machines. CEO Brendan Thomas stressed the urgent need for stringent operating regulations to prevent these ATMs from being exploited for scams.

Australia currently has over 1,648 cryptocurrency ATMs, the most in the Asia-Pacific region, up from just 23 in 2019. This dramatic increase underscores the necessity for compliance with anti-money laundering laws as outlined by AUSTRAC.

The introduction of the Crypto ATM Fraud Prevention Act in the U.S. Reflects a growing global concern regarding scams linked to crypto ATMs. Similar initiatives are being suggested to safeguard consumers and enhance regulation across jurisdictions.