Australia’s Tasmania Joins Nationwide Crackdown on Crypto ATMs as Scam Losses Hit $1.6 Million

Key Points

1. Tasmania Police revealed the top 15 crypto ATM users lost AUD 2.5 million to fraudsters, with AUD 592,000 deposited directly into crypto ATMs.

2. AUSTRAC introduced new rules and transaction limits for crypto ATM operators, effective June 3, to combat scams.

3. Tasmania's crypto ATM network grew from one machine in 2021 to over 20 today, with Australia ranking third globally for crypto ATMs.

4. Internationally, authorities like New Zealand and the US are also cracking down on crypto ATM misuse, with some regions banning them entirely.

5. The Crypto ATM Fraud Prevention Act in the US proposes daily and biweekly spending limits to prevent fraud.