Australia overhauls crypto ATM rules to combat rising scams

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Australia’s national financial intelligence agency has rolled out new operating rules and transaction limits for crypto ATM operators, as federal police say scams through the kiosks are on the rise.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is enforcing a 5,000 Australian dollar ($3,250) limit on cash deposits and withdrawals on crypto ATMs, scam warning signs, more robust transaction monitoring and enhanced customer due diligence obligations, the agency said in a June 3 press release shared with Cointelegraph.

Currently, the…



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Australia overhauls crypto ATM rules to combat rising scams


Australia’s national financial intelligence agency has rolled out new operating rules and transaction limits for crypto ATM operators, as federal police say scams through the kiosks are on the rise.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is enforcing a 5,000 Australian dollar ($3,250) limit on cash deposits and withdrawals on crypto ATMs, scam warning signs, more robust transaction monitoring and enhanced customer due diligence obligations, the agency said in a June 3 press release shared with Cointelegraph.

Currently, the…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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