#Australia Proposes New Powers To Restrict #Crypto ATM Operations


Australian authorities plan to grant expanded enforcement capabilities to the country's financial intelligence agency, targeting crypto ATM regulation. Home Affairs Minister Tony Burke announced draft legislation giving AUSTRAC authority to restrict or prohibit high-risk products, specifically naming #crypto ATMs during a Thursday speech at the National Press Club.


Burke clarified the government won't mandate an outright ban but wants AUSTRAC to have discretionary power over these machines. He acknowledged that not every crypto ATM user engages in illegal activity, but emphasized that authorities struggle to trace transactions and monitor illicit fund flows effectively.


The country has seen explosive growth in crypto ATM installations, jumping from 23 machines six years ago to approximately 2,000 today. Australia now ranks third globally in crypto ATM density, creating concerns about money laundering risks and untraceable cash-to-crypto conversions.


AUSTRAC CEO Brendan Thomas said crypto transactions are increasingly integrated into money laundering schemes. The agency has linked #cryptoATMs to fraud, drug trafficking, and child exploitation cases where cash converts instantly to digital currency that moves across borders anonymously.


Three operators control more than half of Australia's crypto ATM network. Localcoin operates 868 machines, Coinflip runs 682 units, and Bitcoin Depot manages 267 ATMs across the country.

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October 16, 2025 at 11:34 AM
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