Crypto AUSTRAC Cracks Down on ATMs

AUSTRAC Imposes Restrictions on Crypto ATMs Amid Fraud Concerns

• AUSTRAC revoked Harro’s Empires’ license and imposed $5,000 transaction caps on crypto ATMs.
• Individuals aged over 50 account for 72% of ATM transaction value, with those aged 60–70 representing 29%.
• The number of crypto ATMs in Australia grew from 23 in 2019 to over 1,800 currently.
• Approximately $275 million is transferred annually via these machines, primarily involving Bitcoin, Ethereum, and Tether.

AUSTRAC’s recent actions address widespread fraud targeting older Australians at crypto ATMs by capping transactions and revoking licenses to ensure compliance and consumer protection.