According to PANews, Australia's financial intelligence agency, the Australian Transaction Reports and Analysis Centre (AUSTRAC), has established a task force aimed at cracking down on non-compliant cryptocurrency ATM providers. This initiative is part of a broader effort to curb money laundering and fraud activities facilitated through these machines. Australia ranks third globally with approximately 1,200 cryptocurrency ATMs, highlighting the significance of this regulatory move.
AUSTRAC's new task force is focused on ensuring that crypto ATM providers adhere to compliance standards to prevent illicit activities. The agency is also actively encouraging the public to report any suspicious or fraudulent activities related to cryptocurrency transactions.ย
