In a move that would make even the most forgiving of libertarians raise an eyebrow, Australia’s Home Affairs Minister, Tony Burke, has decided that the land down under needs to wrestle control from the wild west of cryptocurrency vending machines. Yes, those electronic cash-to-digital cash turntables are now considered a serious threat, possibly more dangerous than kangaroos on a sugar high.
Apparently, the AUSTRAC boss, Brendan Thomas, has decided that these crypto ATMs are less a marvel of modern finance and more a playground for criminals, scammers, and unsuspecting “money mules” – individuals who carry more trouble in their wallets than a dingo in a lolly shop. Most of the high-flown transactions involve scam victims who got playfully roped into this digital rodeo without so much as a “how do you do?”
Since 2017, their numbers have ballooned from a modest 23 machines to a staggering 2,000. Burke notes that a significant chunk of the high-value transactions are as genuine as a wet weekend in Perth-fraud, scams, and money laundering included. Around 150,000 transactions happen annually, involving approximately $275 million, and-brace yourself-most are made by folks aged 50 to 70, who are probably just trying to order a fancy latte.
In a delightful twist, 85% of the top 90 users are either scammed or coerced-probably by some bloke in a paper mask. Meanwhile, authorities have already slapped a few caps on transaction sizes, denied licenses, and attempted to keep the rascals in check. But alas, the criminal masterminds continue to innovate faster than a kangaroo on Red Bull, coming up with new ways to slip past the guards.
As the international community joins in the fun-New Zealand is pondering banning crypto ATMs, and Illinois has decided to regulate crypto like a proper business-all this suggests that governments are finally waking up to the fact that the crypto thing isn’t going away. So, batten down the hatches and prepare for more legislation on this digital wild frontier. It’s practically a Netflix series now, isn’t it? 🍿
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2025-10-16 16:42