Australia has the highest number of crypto ATMs in the Asia Pacific region. Their numbers have grown rapidly, there were 23 in 2019 and 60 in 2022. Today, approximately 1,600 crypto ATMS are in use around the country, with new ones regularly installed by digital currency exchanges. The vast majority of transactions involve cash deposits to buy Bitcoin.
In September, AUSTRAC set up an internal taskforce to focus on addressing money laundering and terrorism financing risks linked to crypto ATMs, also called ‘crypto kiosks’.
The taskforce has been engaging with businesses to understand the risks in their sector and assess their compliance with the Law.
AUSTRAC want to ensure crypto ATM providers have robust practices to minimise the risk that their machines can be used to launder dirty money or to scam and defraud innocent people.
AUSTRAC will continue to work with industry to raise standards, but will also take action against operators who don’t comply.
