---
title: "Austrac sounds alarm: cryptocurrency ATMs becoming hotbeds for money laundering and scams"
description: "Australia's agency for monitoring financial crimes said on Friday it had established an internal cryptocurrency task force to identify and take action against crypto ATM providers that do not comply with the country's anti-money laundering laws."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Newsdeck"
author: "Reuters"
author_url: "https://www.dailymaverick.co.za/author/reuters/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-12-06-austrac-sounds-alarm-cryptocurrency-atms-becoming-hotbeds-for-money-laundering-and-scams/"
published: "2024-12-06T05:15:13"
updated: "2024-12-06T05:15:15"
lang: "en-ZA"
word_count: 220
---

# Austrac sounds alarm: cryptocurrency ATMs becoming hotbeds for money laundering and scams

> Australia's agency for monitoring financial crimes said on Friday it had established an internal cryptocurrency task force to identify and take action against crypto ATM providers that do not comply with the country's anti-money laundering laws.

By Reuters · Published 6 December 2024, 07:15 SAST · Updated 6 December 2024, 07:15 SAST

## Key points
- As Australia’s crypto craze escalates with 1,200 ATMs popping up like mushrooms after rain, AUSTRAC warns that these digital cash machines are becoming the go-to for money launderers and scammers, prompting a crackdown on their shady transactions before the next Bitcoin bubble bursts.
- AUSTRAC warns of rising cryptocurrency exploitation for money laundering, scams, and money mule activities.
- Taskforce to enforce strict practices for digital currency exchanges and crypto ATMs to combat fraud risks.
- Australia currently hosts 1,200 crypto ATMs, with 400 registered digital currency exchange providers.
- AUSTRAC CEO highlights the vulnerability of Australians to scams, emphasizing the need for compliance with anti-money laundering laws.

## Content

The Australian Transaction Reports and Analysis Centre (AUSTRAC) said its findings showed cryptocurrency was increasingly being exploited for money laundering, scams and money mule activities.

AUSTRAC's taskforce will ensure digital currency exchanges that provide crypto ATM services have robust practices in place to minimise the risk of their machines being used to move money associated with scams or fraud, the government agency said.

A crypto ATM allows users to buy and sell cryptocurrencies, like bitcoin and dogecoin, for cash.

Currently, Australia has 1,200 operating crypto ATMs, while about 400 digital currency exchange providers are registered with AUSTRAC.

The total value of the cryptocurrency market has almost doubled over the year so far. Bitcoin also hit a [record high above $100,000](https://www.reutersconnect.com/all?search=all%3AL2N3N602C&linkedFromStory=true) as the election of Donald Trump as U.S. president fuelled expectations his administration will usher in a friendly regulatory environment for cryptocurrencies.

AUSTRAC CEO Brendan Thomas said the agency was seeing "too many" Australians falling victim to scams carried out through cryptocurrency.

"Cryptocurrency and crypto ATMs are attractive avenues for criminals looking to launder money, as they are widely accessible and make near-instant and irreversible transfers," he said, adding that crypto ATMS who were found flouting the anti-money laundering laws would be subject to financial penalties.

(Reporting by Himanshi Akhand in Bengaluru; Editing by Shreya Biswas and Krishna Chandra Eluri)