Austrac “has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions”, CEO Brendan Thomas said in the statement. It’s also introduced “enhanced customer due diligence obligations, mandatory scam warnings, and requirements for more robust transaction monitoring”.
Australia’s financial crimes agency placed curbs on cryptocurrency automatic teller machines as the surging number of kiosks increasingly attract fraudsters and scammers.
The Australian Transaction Reports and Analysis Centre, known as Austrac, placed a A$5,000 ($4,169.18) limit on cash deposits and withdrawals as part of new measures to safeguard consumers, according to a statement Tuesday. It’s also refused to renew the registration of one crypto ATM provider.
