AUSTRAC Flags 90 Top Crypto ATM Users in Crackdown on Scam Activity
Australia’s financial crimes agency, AUSTRAC has identified 90 individuals linked to scams or suspicious behaviour through their use of cryptocurrency ATMs. This discovery forms part of a broader investigation into digital currency-related crime across the country.
Crypto ATMs Used in Scams and Fraud
The Australian Transaction Reports and Analysis Centre (AUSTRAC) led a nationwide review to uncover the most active users of crypto ATMs by transaction volume. Their goal was to trace transactions potentially linked to scams, money laundering, or other financial offences.
According to AUSTRAC CEO Brendan Thomas, law enforcement partners found that nearly all flagged transactions involved scam victims—not the offenders themselves. “We suspected a large volume of crypto ATM transactions were probably illicit. Disturbingly, almost all the transactions we referred involved victims rather than criminals,” he said.
Victims Targeted in Romance and Investment Scams
In one particularly alarming case, AUSTRAC identified an elderly woman in her 70s who deposited more than A$430,000 into cryptocurrency ATMs. She had fallen victim to romance and investment scams, a pattern that reflects the vulnerability of certain users to these types of fraud.
Regulatory Action and Compliance Measures
Earlier in June, AUSTRAC imposed new conditions and limits on crypto ATM providers due to concerns about their compliance with regulations. Australia now has over 1,800 active cryptocurrency ATMs.
At the same time, the Australian corporate regulator has increased its scrutiny of crypto exchanges. High-profile platforms such as Binance and Blockchain Global have come under investigation for their operations within the country.
AUSTRAC’s findings highlight the growing risks linked to cryptocurrency use worldwide and particularly in Australia, particularly among vulnerable groups. The agency continues to collaborate with law enforcement and regulatory bodies to monitor and curb crypto-enabled crime.
with inputs from Reuters