Australian regulator moves to curtail criminal use of cryptocurrency

economictimes.indiatimes.com:

The Australian transaction reports and analysis centre (AUSTRAC) said its findings showed cryptocurrency was increasingly being exploited for money laundering, scams and money mule activities.

AUSTRAC's taskforce will ensure digital currency exchanges that provide crypto ATM services have robust practices in place to minimise the risk of their machines being used to move money associated with scams or fraud, the government agency said.

A crypto ATM allows users to buy and sell cryptocurrencies, like bitcoin and dogecoin, for cash.

Currently, Australia has 1,200 operating crypto ATMs, while about 400 digital currency exchange providers are registered with AUSTRAC.

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