austrac

### Breaking: Australia Eyes Crackdown on Crypto ATMs Amid Soaring Scam Risks
**Sydney, October 16, 2025** – In a bold move to combat money laundering and fraud, Australia's Minister for Home Affairs, Tony Burke, has announced draft legislation empowering the Australian Transaction Reports and Analysis Centre (AUSTRAC) to restrict or outright ban high-risk products like cryptocurrency ATMs. The proposal, unveiled today, targets the rapid proliferation of these machines, which have ballooned from just 23 six years ago to over 2,000 nationwide—making Australia the third-largest crypto ATM market globally.
AUSTRAC CEO Brendan Thomas hailed the changes as a "welcome" step, stating, "We're still seeing an unacceptable risk of money laundering across some channels. Having a power like this enables the CEO to adapt to the evolving risk environment in more responsive ways." If Parliament passes the bill, AUSTRAC vows to deploy these tools swiftly.
#### The Hidden Dangers Exposed
At the heart of the crackdown is alarming data from AUSTRAC's Crypto Taskforce, established late last year. Key findings include:
- **Explosion in Usage**: From 200 machines three years ago to 1,200 at the taskforce's launch, now hitting 2,000+.
- **Massive Transaction Volumes**: Nearly 150,000 transactions annually, funneling about A$275 million through Australian crypto ATMs.
- **Scam and Mule Hotspot**: 85% of the top 90 prolific users were scam victims or coerced money mules. High-value transfers often route funds to wallets in high-risk jurisdictions.
- **Demographic Vulnerability**: People aged 50-70 drive 72% of transactions by value—and they're the most susceptible to scams.
- **Global Anonymity Risk**: These ATMs enable seamless conversion of cash to digital currency, which can be sent "instantly and virtually anonymously across the globe."
Burke emphasized that while not every user is nefarious, the disproportionate illicit activity—linked to scams, drug trafficking, and even child exploitation—demands action. "Crypto ATMs are a high-risk product," he said, noting their role in bypassing traditional banking safeguards.
This isn't AUSTRAC's first rodeo. Earlier this year, the agency capped cash transactions at A$5,000, issued compliance warnings, and deregistered or paused operations for several providers after uncovering a "hidden world of scams and dodgy dealings."
#### Broader Implications for Crypto in Australia
The proposal fits into Australia's tightening grip on digital assets, where crypto exchanges must already register with AUSTRAC under anti-money laundering laws. No outright ban is on the table yet, but the flexibility could reshape the sector. Operators like Coinflip insist they enforce strict KYC (Know Your Customer) rules, requiring government ID for transactions.
Industry watchers predict ripple effects across Asia-Pacific, with neighbors like Singapore and New Zealand eyeing similar reviews. For everyday Aussies, it's a reminder: That convenient kiosk might be a gateway to grief—stick to regulated exchanges.
What do you think—necessary shield or overreach on innovation? Drop your take below. #CryptoATMs #AUSTRAC #AussieCrypto

📰 News

Gemini, the US exchange founded by brothers Cameron and Tyler Winklevoss, officially announced the launch of its local entity in Australia, under the name 'Gemini Intergalactic Australia Pty Ltd.'

This subsidiary has been registered and authorized by AUSTRAC (the Australian agency responsible for supervising financial services and preventing money laundering).

📅 Date: October 8-9, 2025.

📍 Main source: Reuters.

🏦 What does this movement imply

Local registration:

Zoomex, a fast-growing exchange, has officially registered with AUSTRAC (Australian Transaction Reports and Analysis Centre).
✅ Greater compliance & transparency
✅ Tighter anti-money laundering (AML) standards
✅ Boosted trust for Aussie crypto traders
👉 This step positions Zoomex alongside other compliant exchanges in Australia, giving users more confidence.
$BTC
$ETH
$BNB

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has just launched a strong crackdown on the cryptocurrency sector, targeting 13 crypto companies for violating anti-money laundering and terrorism financing regulations. This is the result of a year-long investigation aimed at tightening control over digital asset exchanges in Australia.
A Series of Crypto Companies Have Been Suspended or Have Their Licenses Revoked

Australia's financial intelligence agency, AUSTRAC, has declared cryptocurrency as the top threat in its crackdown on financial crime. AUSTRAC also announced legal priorities marking "the most ambitious overhaul of Australia's anti-money laundering laws in a generation."

Expanding the scope of regulation and focusing on risks

AUSTRAC CEO Brendan Thomas stated that the agency will prioritize law enforcement where "the risk of harm is greatest," particularly emphasizing digital currency exchanges and virtual asset service providers that facilitate instantaneous global transfers. "This year marks a shift in regulation – from rules primarily checking compliance to focusing on substantial risks and harms," Thomas said.

On March 29, 2025, Australia's financial crime agency (AUSTRAC) issued a stern warning to cryptocurrency ATM providers, having detected that many machines may be exploited for money laundering and fraud. With over 1,648 crypto ATMs in Australia – the highest number in the Asia-Pacific region, will this move clean up the market or push the crypto industry into a difficult situation?

AUSTRAC Detects "Concerning Signs"