Australia’s financial crimes watchdog has uncovered a troubling link between cryptocurrency ATMs and widespread scams, identifying 90 top users as either victims, money mules, or suspected offenders.
The nationwide operation, led by the Australian Transaction Reports and Analysis Centre (AUSTRAC), examined the country’s most prolific cryptocurrency ATM users to identify and root out illicit activity. The findings revealed a disturbing trend that surprised even the investigators.
AUSTRAC CEO Brendan Thomas stated that, while his agency suspected a high volume of illicit transactions, they found that “almost all” of the cases they referred to law enforcement involved victims rather than the criminals themselves.
The human cost of these scams is stark. In one heartbreaking case, a woman in her 70s deposited more than A$430,000 into crypto ATMs after falling for a combination of romance and investment scams.
The operation is part of a broader regulatory crackdown on the loosely regulated crypto sector. AUSTRAC had already moved to impose new conditions and limits on the country’s over 1,800 crypto ATM providers due to compliance concerns. This intensified scrutiny also extends to major exchanges like Binance, signaling a determined effort by Australian authorities to curb crime facilitated by digital currencies.
