Austrac, a Fundanian Intelligence Agency affiliated to the Australian government, launched a new regulation for crypto currency automatic withdrawal machines (ATM) in the country. Accordingly, the upper limit of $ 5,000 in the amount of cash withdrawal from crypto ATMs was brought. It was also reported that the registration of an ATM operator was not renewed due to incompatibility.
ATM limit to crypto currencies
Austrac announced that this step followed by some concern tendencies detected in the use of crypto asset ATMs in the country. A task force within the institution made a high probability that crypto ATMs are likely to be used in fraud and illegal activities. The new regulation, crypto ATMs in the purpose of close monitoring of cash transactions said.
According to a statement, Australia has experienced a rapid increase in the number of crypto ATMs in recent years. In 2019, the number of crypto ATMs, which was only 23, increased to 60 in 2022 and today above 1,800. Approximately 150,000 transactions are carried out annually through these machines and 99 %of the transactions are carried out for the purchase of crypto money via cash investment.
Elderly users are at risk
Austrac also analyzed the age distribution of people using ATMs according to the data obtained from the transactions. It was stated that users aged 60-70 constitute 29 %of the total transaction volume. Authorities reported that this age group purchased crypto currencies over ATMs with a disproportionate high rate and may encounter more frequently at risk of fraud.
Austrac/Brendan Thomas: “Task power has identified disturbing tendencies that reveal that crypto currency ATMs are used in fraud and fraud.
It is considered that the use of crypto currency ATMs in the elderly segment can lead to the target of fraudsters due to lack of consciousness or lack of knowledge. Austrac, therefore, announced that the new limit for ATM transactions will contribute to preventing potential grievances.
Inspections for Crypto ATMs
Austrac increased the control of ATM operators within the scope of the regulation. In the last application, Harro’s Empires, an ATM operator who cannot meet the specified standards, was not renewed. Similarly, the institution announced that the compliance of other operators for rules and legislation will be carefully monitored.
The Cash Transactions Limit updated in ATMs is defined as a precaution against the risk of illegal acquisition and transfer of crypto assets. The global spread of these limitations can weaken its role in life, even though it does not cause major problems in accessing crypto currencies.
Rapidly developing technologies in the crypto currency sector cause regulatory institutions to take new measures on new risks. Developments in Australia are seen to be an example in terms of crypto use and user safety. Crypto ATMs to bring cash transaction limit to the fight against fraud will be effective in the time. It is important to reduce such risks with users to receive information from reliable and official sources.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
