Australian Federal Police say scam losses via crypto ATMs surpassed 3.1 million Australian dollars ($2 million) in a 12-month period, which “may be just the tip of the iceberg.”
Australia’s national financial intelligence agency has rolled out new operating rules and transaction limits for crypto ATM operators, as federal police say scams through the kiosks are on the rise.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is enforcing a 5,000 Australian dollar ($3,250) limit on cash deposits and withdrawals on crypto ATMs, scam warning signs, more robust transaction monitoring and enhanced customer due diligence obligations, the agency said in a June 3 press release shared with Cointelegraph.
Currently, the limits only apply to crypto ATM providers; however, AUSTRAC expects crypto exchanges operating in Australia to “consider imposing similar limits if they accept cash for crypto transactions.”
