Australia has the highest number of crypto ATMs in the Asia Pacific region, growing from just 23 in 2019 to around 1,800 today. Most transactions involve cash deposits to buy Bitcoin.

While crypto ATMs are increasing in popularity, our intelligence shows they pose serious risks for scams and money laundering, with dozens of scam victims identified. 

Our cryptocurrency taskforce

Since our cryptocurrency taskforce was established a year ago it has uncovered a hidden world of scams and dodgy dealings. 

The taskforce has refused to renew the registration of one crypto ATM provider, with another voluntarily withdrawing registration, while a third has paused operation. 

In July, a joint law enforcement operation identified 90 victims of crimes including money mule activity and scams targeting older Australians. That same month, we introduced minimum standards for crypto ATM providers. 

AUSTRAC CEO Brendan Thomas said the taskforce will continue its focus on high-risk crypto digital currency exchange (DCE) providers. 

“The taskforce has produced incredible results in a brief time. We know there’s more we can do to protect Australians from unscrupulous operators so we’re expanding this important work,” he said. 

How can you help prevent cryptocurrency-related crimes

You can familiarise yourself with the indicators of suspicious activity for the digital currency (cryptocurrency) sector to help you recognise the warning signs. You can also review our financial crime guide on Preventing the criminal abuse of digital currencies. 

If you suspect that a person or transaction is linked to a crime, you must submit a suspicious matter report (SMR) to AUSTRAC. This includes situations where you reasonably suspect a person is committing a crime, is not who they claim to be, or could be the victim of a crime. 

These reports are vital in protecting Australia against money laundering, terrorism financing and other serious and organised crime. They are also an important part of your AML/CTF reporting obligations.