It is a truth universally acknowledged, that a cryptocurrency ATM in possession of a lax compliance regime, must be in want of a stern rebuke from the authorities. And thus, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has seen fit to issue a warning to those crypto ATM providers who would flout the anti-money laundering rules with impunity.
As revealed in a press release of March 31st, AUSTRAC’s cryptocurrency task force, those indefatigable guardians of financial probity, have uncovered evidence of suspicious transactions and outright fraud, prompting concerns about the proliferation of crypto ATMs (no less than 1,648 in Australia, a staggering increase from the mere 23 in 2019 and 60 in 2022!). Since December, the task force has been engaged in a most diligent endeavour, working in tandem with businesses to ensure adherence to AML and counter-terrorism financing rules.
AUSTRAC’s CEO, the redoubtable Brendan Thomas, has issued a warning of unambiguous import, stating that while the agency shall continue to offer guidance to companies in their quest for compliance, those recalcitrant operators who refuse to heed the call shall face the full force of the law.
“We will continue to work with industry to raise standards, but we will also take action against operators who don’t comply.” 🚫
— Brendan Thomas, AUSTRAC CEO 👮
Alas, poor Australia, now boasting the largest market in the Asia-Pacific region for crypto ATMs, with a whopping 348 machines in Sydney alone, most of which accept cash deposits for Bitcoin (BTC) purchases, thereby laying the groundwork for nefarious characters to launder their ill-gotten gains. 😱
As AUSTRAC has lamented, some unfortunate Australians have lost their entire life savings to the scourge of cryptocurrency ATM-related fraud and scams. 😔
Let this serve as a reminder to all crypto ATM operators: registration with AUSTRAC and strict adherence to AML/CTF regulations (including, but not limited to, transaction monitoring, customer identity verification, and reporting suspicious activity) are not mere suggestions, but imperative dictates. Failure to comply shall result in fines of a most… distressing magnitude. 🤑
This crackdown, coincidentally, occurs against the backdrop of a global crypto ATM market in decline, owing to the increasingly stringent regulatory environment. Coin ATM Radar’s latest report reveals that over 1,000 Bitcoin ATMs were taken out of service worldwide in February, with the overall number dwindling by 2,062 since late 2022. 📉
For the curious, the United States currently dominates the global crypto ATM market, with a staggering 78% of all operational ATMs, followed by Canada (9.2%), and then, in a distant third and fourth place, Australia and Europe, each accounting for a mere 4% of the global network. 🗺️
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2025-03-31 11:09