AUSTRAC Tightens Grip on Crypto ATMs After Spike in Illicit Activity
Elderly Australians are losing millions to scams involving crypto ATMs, prompting AUSTRAC to take action by refusing to renew the registration of Harro’s Empires and imposing new conditions on other operators. AUSTRAC has capped deposits and withdrawals at $5,000 per transaction and mandated enhanced customer due diligence. Data shows individuals over 50 account for nearly 72% of transaction value, with those aged 60-70 representing 29%. The number of crypto ATMs has surged from 23 in 2019 to over 1,800 today, facilitating approximately $275 million in annual cash-based transactions. AUSTRAC is collaborating with law enforcement to provide educational materials near ATMs to prevent scams. The rise in crypto fraud, which reached $9.3 billion in 2024, has led to increased regulatory scrutiny globally, with U.S. lawmakers proposing similar measures to protect consumers.
