Australia's Home Affairs Minister announces strict measures to crack down on cryptocurrency ATMs

ChainCatcher news, Australia's Minister for Home Affairs Tony Burke announced new regulations for cryptocurrency ATMs, labeling these devices as "high-risk products" associated with money laundering, fraud, and child exploitation. Burke stated that the number of cryptocurrency ATMs in Australia has surged from 23 to over 2000 in six years.

An investigation by the Australian Transaction Reports and Analysis Centre (AUSTRAC) found that 85% of funds involved in large user transactions were linked to fraud or money laundering activities. The proposed legislation will empower AUSTRAC to restrict or ban "high-risk products," specifically targeting cryptocurrency ATMs. Burke indicated that the relevant bill will be submitted to Parliament in the coming months but declined to disclose whether these devices would be completely banned.