Australia's regulatory authority has warned that cryptocurrency ATMs pose money laundering and fraud risks.

BlockBeats News, March 31, according to Decrypt, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has issued a warning to cryptocurrency ATM operators, stating that such devices may be used for money laundering and fraud activities. AUSTRAC CEO Brendan Thomas stated that cryptocurrency ATM operators need to ensure they establish robust anti-money laundering mechanisms.

According to Coin ATM Radar data, Australia currently has 1,648 cryptocurrency ATMs, the most in the Asia Pacific region, with 348 in Sydney alone, a significant increase from 23 in 2019. Under Australia's anti-money laundering and counter-terrorism financing act, all cryptocurrency exchanges (including cryptocurrency ATM operators) must register with AUSTRAC, conduct KYC checks, monitor transactions, and report cash transactions over 10,000 Australian dollars.