The Australian Transaction Reports and Analysis Centre (AUSTRAC) has revoked the license of a crypto ATM provider and introduced $5,000 transaction caps following a surge in fraud, particularly targeting individuals aged 60-70. New data indicates that those over 50 account for 72% of total transaction value at these ATMs. The regulator is emphasizing enhanced customer due diligence to combat scams and has urged digital currency exchanges to implement similar measures. With the number of crypto ATMs in Australia growing from 23 in 2019 to over 1,800 today, AUSTRAC's actions highlight the need for tighter regulation in a sector experiencing significant fraud issues. In addition to capping transactions, educational materials will be placed near machines to inform potential victims about risks. This immediate regulatory response comes amid a backdrop of increasing scrutiny on the crypto sector, as authorities work to prevent money laundering and protect vulnerable populations.

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