Australia's national financial intelligence agency, AUSTRAC, has implemented new rules for crypto ATM operators to combat rising scams. The agency has set a $3,250 limit on cash deposits and withdrawals, along with enhanced monitoring and due diligence requirements. While currently applicable to ATM providers, AUSTRAC urges exchanges to consider similar limits. CEO Brendan Thomas emphasized the rules' flexibility to adapt to evolving threats. An investigation revealed that most users are over 50 years old, with concerns about scam victims in the 60-70 age group. The Australian Federal Police reported over $2 million in losses from ATM scams, prompting calls for increased awareness. Despite initial slow adoption, Australia now hosts 1,819 ATMs, making it the third-largest market globally. Leading providers include Localcoin, Coinflip, and Bitcoin Depot. Read more AI-generated news on: https://app.chaingpt.org/news

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