AUSTRAC Targets Crypto Kiosks Over Crime and Scam Concerns

The taskforce found signs of misuse tied to crypto ATMs, also known as kiosks, where people can use cash or cards to buy or sell crypto like Bitcoin BTC $84,790.32 . These kiosks often do not require strict ID checks, which makes them more vulnerable to abuse.

In a March 30 statement, AUSTRAC’s head, Brendan Thomas, said providers need strong systems to stop their machines from being used for scams or money laundering. He made it clear that the agency expects operators to take more responsibility for how their machines are used.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Terra Luna? History & Crash Explained (ANIMATED)

SUBSCRIBE

ON YOUTUBE

While the taskforce began by looking specifically at crypto ATMs, it has since widened its focus to check how well the crypto industry follows the rules.

In Australia, companies dealing with digital currencies—including those running crypto ATMs—are required to register with AUSTRAC. They must confirm customer identities, watch for unusual behavior, report suspicious transactions, and file reports for cash movements above $10,000.

There are over 1,600 of these machines across the country—a big jump from just 23 in 2019. Sydney has the most, with nearly 350 units. This rise has made Australia the leading market for crypto ATMs in the Asia-Pacific region.

Recently, the European Insurance and Occupational Pensions Authority (EIOPA) recommended that insurance companies hold enough funds to cover the full value of any crypto assets. Why? Read the full story.