Trending Pairs

Meme Explorer

Gainers & Losers

Community Votes

Top Traders

Exchanges

Centralized Exchanges

Spot

Derivatives

Decentralized Exchanges

Products

Campaigns

Calendars

Learn

CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!

Australia Targets Non-Compliant Crypto ATMs with New Task Force

Market Musing-g

Australia Targets Non-Compliant Crypto ATMs with New Task Force

ATM

By DeFi Planet

4 months ago

•

3 mins read

Australia Targets Non-Compliant Crypto ATMs with New Task Force

Australia has launched a task force to crack down on cryptocurrency ATM operators failing to adhere to the country’s anti-money laundering (AML) regulations, as announced by the Australian Transaction Reports and Analysis Centre (AUSTRAC) on December 6.

In its statement, AUSTRAC warned crypto ATM providers of stringent enforcement actions and penalties for non-compliance.

Australia ranks as the world’s third-largest hub for Bitcoin and crypto ATMs, with Coin ATM Radar reporting over 1,300 machines. However, the regulator estimates the number to be 1,200, with only a small portion managed by the country’s 400 registered digital currency exchanges.

AUSTRAC CEO Brendan Thomas explained the increasing risks associated with crypto ATMs, citing their appeal to criminals for facilitating “near-instant and irreversible transfers.” He emphasized the task force’s mission to curb high-risk, non-compliant operators throughout 2024 to prevent the misuse of cryptocurrency for illicit purposes.

“We’re seeing too many Australians falling victim to scams carried out through cryptocurrency. As the use of cryptocurrency increases, so too will criminal exploitation, which is why this taskforce will work to eliminate non-compliant high-risk operations,”

Thomas stated.

Crypto ATM operators in Australia must comply with stringent AML requirements, including registering with AUSTRAC, conducting KYC checks, monitoring transactions, and reporting suspicious or large cash transactions exceeding 10,000 AUD (approximately $6,430).

The move builds on AUSTRAC’s findings in its 2024 National Risk Assessment Report, which identified cryptocurrencies as a “high-risk” channel for money laundering and terrorism financing. The agency projects these risks to escalate over the next three years.

This crackdown on crypto ATMs comes as Australian regulators prepare to introduce stricter measures for the broader cryptocurrency industry. The Australian Securities and Investments Commission (ASIC) is reportedly drafting new legislation that will require cryptocurrency exchanges to secure financial services licenses. Alan Kirkland, an ASIC commissioner, revealed the plans during the AFR Crypto and Digital Assets Summit held in Sydney on September 23, 2024.

Kirkland emphasized that the changes are necessary as ASIC views most major cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), as falling under the Corporations Act.

Here are the top 3 candidates for the best meme coins to buy and hold for short-term ROIs. Join the trend wave now! Read original article on coincu.com

Join the thousands already learning crypto!

Australia Targets Non-Compliant Crypto ATMs with New Task Force

DeFi Planet

Other articles published on Dec 6, 2024

US Banks Crypto Warning Revealed Through Coinbase Letters

Dogecoin Price Prediction: Expert Forecasts $13 Target With Rising Buying Pressure, Says DOGE Riv...

Vancouver Mayor Ken Sim declares that Bitcoin has been de-risked, wants to adopt it

Super Price Prediction: Will SUPER Hit $15.00 By 2030?

Will Altcoins See Significant Gains Soon?

Best Meme Coins to Buy and Hold for Short-Term ROIs: BTFD Coin, Goatseus Maximus, and Degen Are C...

Join our free newsletter for daily crypto updates!