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Hundreds of Crypto ATMs popping up in Australia Amid Rising Regulatory Concerns

2024/08/30 14:44

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Australia has witnessed a dramatic 17-fold increase in crypto ATMs over the past two years, solidifying its position as a global hotspot for these kiosks. Despite rapid growth, concerns about their potential misuse by malicious actors have also escalated. With 1,162 crypto ATMs currently operational, Australia now ranks as the world's third-largest market for these machines. This significant expansion, driven by a surge of 160 new ATMs since April, has positioned Australia as a major player in the global crypto landscape after the United States and Canada. Blockchain intelligence firm TRM Labs called this expansion "the most significant in the cash-to-crypto industry over the last few years."

Crypto ATMs process $160M of illicit taxes

While Australia's share of the global crypto ATM market remains relatively small at 3%, its rapid growth has not gone unnoticed by law enforcement. TRM Labs flagged crypto kiosks in Australia as a potential money laundering vulnerability.

The Australian Federal Police launched a multi-agency task force last year to combat money laundering activities,highlighting the use of crypto ATMs by criminals to launder illicit proceeds.

TRM Labs' analysis reveals that crypto ATMs have processed at least $160 million worth of illicit transactions since 2019, accounting for a significant portion of the cash-to-crypto industry. Scams and fraud have been identified as the primary drivers of illicit activity, with over $30 million in illicit funds flowing to known scam-related crypto wallets.

In response to these concerns, some regulators have taken steps to curb the proliferation of crypto ATMs. Germany's financial watchdog recently seized 13 kiosks, while the United Kingdom's Financial Conduct Authority removed 26 unlicensed machines.

As the crypto ATM market continues to evolve, ongoing regulatory scrutiny and efforts to mitigate risks associated with their use will be essential in ensuring the integrity and security of this emerging technology.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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