AUSTRAC imposes US$5K cash limits on crypto ATMs to curb rising scams targeting seniors, mandating operators to enforce EDD, clear scam warnings, and tougher transaction monitoring

These actions come amid troubling findings that older Australians, particularly those aged 60 to 70, are disproportionately using crypto ATMs and are often victims of scams and fraud facilitated through these machines. With the number of crypto ATMs skyrocketing from just 23 in 2019 to over 1,800 in 2024, and annual transactions valued at approximately $275 million, AUSTRAC’s crackdown aims to stem the rising tide of illicit activity…