Crypto ATMs: A Hotbed for Fraud
Australia's financial crimes agency has identified 90 scam victims and offenders as frequent crypto ATM users, revealing most transactions involve victims. AUSTRAC's investigation led to stricter measures on crypto ATM compliance. Major crypto exchanges like Binance face scrutiny amid efforts to tackle digital currency-related crime.
Australia's financial crime watchdog has unearthed a worrying trend involving cryptocurrency ATMs. It has identified 90 instances where scam victims and potential offenders are top users of these machines, leading the charge to curb digital currency-enabled crimes.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) spearheaded this nationwide initiative, uncovering that a significant number of crypto ATM transactions likely involve scams rather than criminal activities. AUSTRAC CEO Brendan Thomas highlighted cases like that of a woman in her 70s, who lost over A$430,000 in crypto due to romance and investment scams.
In response to these findings, AUSTRAC recently imposed conditions on crypto ATM operators to enhance compliance. The Australian Securities and Investments Commission has also heightened scrutiny on cryptocurrency exchanges such as Binance and Blockchain Global to tackle fraudulent activities.
(With inputs from agencies.)
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