Strengthening Regulations on Crypto ATMs

#AUSTRAC , the financial transaction regulatory authority of Australia, has tightened regulations on cryptocurrency ATMs after noting an increase in fraudulent activities, particularly targeting users aged 60–70. This move, which includes denying licenses to ATM provider Harro’s Empires and limiting transactions to 5,000 USD, demonstrates a commitment to protecting users and promoting the sustainable development of the crypto market in the APAC region, where Australia is a key Web3 hub.

New data shows that individuals over 50 account for 72% of the transaction value through #ATMcrypto , with the 60–70 age group making up 29%. To mitigate risks, AUSTRAC requires enhanced customer verification and warning signs at ATMs. These measures not only protect users but also reinforce trust in blockchain platforms like BNB Chain, where DeFi and Web3 projects are thriving.

Currently, Australia has over 1,800 crypto ATMs, processing approximately 275 million USD in transactions each year, primarily in Bitcoin, Ethereum, and Tether. Strengthening regulations may promote transparent and legally compliant blockchain projects, creating opportunities for long-term investors.

Risk Warning: The information in this article is for reference only and does not constitute investment advice.