Crypto ATMs: Seniors, Scams & Laws—Oh My! 😳

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Crypto ATMs: Seniors, Scams & Laws—Oh My! 😳

Australia’s financial genius, AUSTRAC, is cracking down on crypto ATMs because apparently, it’s a circus out there. More rules, limits, warnings… It’s like telling grandpa not to push the red button. 🙄

ATM Scammers Target Senior Citizens

So, AUSTRAC’s rolling out these strict new measures for crypto ATM operators—no more wild west, folks! They’re refusing to renew a few licenses, slapping some transaction caps, and adding scam warnings like it’s an episode of “Crypto Cops.” Because, clearly, people are falling for scams faster than you can say “Bitcoin,” especially old-timers. 🧓💸

Brendan Thomas, the big boss at AUSTRAC, says they’ve been watching these ATM activities, and guess what? It’s a mess! It’s like a crime scene, only with more digital coins and less detective work.

He’s got this to say: “Crypto ATMs? Used for scam and fraud? Yeah, that’s the new hobby.” 🕵️‍♂️

And get this—most of the scammy, dangerous, shady crypto transactions are done by people aged 60 to 70. Nearly 72% of all transactions come from folks over 50, like they’re just waiting to get duped. It’s the grandparents’ fault, apparently. 💁‍♂️

So, AUSTRAC is now playing hardball—limits of $3,246 (AUD$5,000), more strict checks, scam warnings everywhere—like a very unwelcome warning sign at your favorite shady kiosk. They’re also telling crypto exchanges to get on board with these limits, or else. Because who needs another money laundering thing, right? 🤦‍♀️

Meanwhile, the cops—yes, the federal police—are putting out educational stuff near these ATMs. Because nothing says “stay safe” like a flyer telling you, “Hey, don’t give your money to strangers.” Thanks, guys. 👮‍♂️

Oh, and by the way, AUSTRAC just said no more for Harro’s Empires—they’re out. Why? Because their ATMs might be the jackpot for scammers. Real shocker, huh? Don’t mess around or they’ll pull your license faster than you can say “regulation.”

Crypto ATMs are exploding—like, from 23 in 2019 to over 1,800 now. Nearly $178 million moving through cash deposits for crypto—Bitcoin, Tether, Ethereum—your grandma’s favorite digital toys. And AUSTRAC? Watching like a hawk, ready to shut down more if needed. 🦅

If you suspect a scam, report it! It’s like calling the cops, but online. Reportcyber, Scamwatch—just don’t fall for it, okay?

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2025-06-07 14:57