Australia’s financial watchdog may gain power to ban crypto ATMs

Minister Tony Burke said the government won’t be pushing for an outright ban on crypto ATMs, but he wants to provide AUSTRAC with the power to implement one.

Australia’s national financial intelligence agency would have the power to restrict or ban crypto ATMs under draft legislation from the country’s minister for cybersecurity and home affairs, Tony Burke.

Burke said during a speech at the National Press Club on Thursday that the draft legislation would give the Australian Transaction Reports and Analysis Centre (AUSTRAC) the ability to restrict or prohibit “high-risk products,” which include crypto ATMs. 

While regular bank-run ATMs are also used for scams and illegal activities, Burke said that in the case of crypto ATMs, authorities are having limited success in policing and tracking down illicit funds and are concerned they present a money-laundering risk. 

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