AUSTRAC data reveals that around $275 million is transacted annually through crypto ATMs in Australia, with a significant portion likely tied to scams.

In response to ongoing criminal exploitation risks, the regulator has declined to renew the registration of Harro's Empires, a crypto ATM operator.

New regulations from AUSTRAC will enforce stricter due diligence, mandatory scam warnings, and enhanced transaction monitoring to safeguard individuals and businesses.

The Joint Cyber Security Centre (JPC3) is partnering with AUSTRAC to combat the rise in crypto ATM scams, focusing on community education and awareness.

AFP Commander Graeme Marshall stressed the importance of victims sharing their experiences to help raise awareness and prevent future scams.

While losses from crypto ATM scams are relatively minor compared to the total reported financial scam losses of $119 million in early 2025, authorities suspect that actual losses are under-reported.

Demographic data shows that among scam victims, 102 were women, 47 were men, and nearly half were over the age of 51, indicating a targeted demographic.

Investment scams were the most frequently reported, with 63 cases, followed by extortion emails and romance scams, primarily affecting older Australians.

Common warning signs of crypto scams include requests for cash deposits into ATMs, urgent investment opportunities, and promises of guaranteed returns.

Once cash is converted to cryptocurrency and sent to a digital wallet, retrieval becomes nearly impossible, with one elderly victim losing $1.4 million.

AUSTRAC CEO Brendan Thomas indicated that the effectiveness of the new regulations will be continuously reviewed in collaboration with law enforcement and ATM providers.

Regulatory measures in Australia are struggling to keep pace with the rapid growth of the crypto ATM sector, prompting calls for more comprehensive regulations.