The dark side of Bitcoin ATMs exposed | The Business | ABC NEWS скачать в хорошем качестве

The dark side of Bitcoin ATMs exposed | The Business | ABC NEWS

Australian authorities are cracking down on cryptocurrency ATMs, warning the rapid growth of the industry is fuelled by criminal activity, with concerns as many as one in 10 transactions are being used for criminal or illegitimate purposes. The financial crimes regulator, AUSTRAC, analysed three months of crypto ATM transactions from nine operators – and confirmed the machines are being used in scams and fraud. It estimates $275 million is moved through the machines in a year, across150,000 transactions. 99 per cent were cash deposits. The majority of users were aged over 50 — accounting for nearly 72 per cent of all transactions by value. AUSTRAC's Brendan Thomas says they're not only worried about people being victims of scams, but also about drug purchasing and other money laundering activity happening through cryptocurrency ATMs. The ABC understands AUSTRAC has traced some transactions to scam hotspots in Asia and Europe — and linked them to organised crime networks. In just 12 months, Australians lost at least $3 million to scams involving crypto ATMs While countries like the UK have banned crypto ATMs altogether, AUSTRAC is imposing new rules, including $5,000 transaction caps, stricter ID checks, transaction monitoring, and mandatory scam warnings. It's also refused to renew the licence of South Australian operator Harro's Empires. The crypto ATM operators charge commissions of up to 20 per cent, plus fees. Cash that goes into them is almost impossible to recover. The industry says most users are legitimate traders, with little choice but to bypass mainstream banks. #ABCBusiness Subscribe: http://ab.co/1svxLVE ABC NEWS provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC NEWS, click here: https://ab.co/2kxYCZY Watch more ABC NEWS content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC NEWS In-depth channel: https://ab.co/2lNeBn2 Like ABC NEWS on Facebook:   / abcnews.au   Follow ABC NEWS on Instagram:   / abcnews_au   Follow ABC NEWS on X (Twitter):   / abcnews   Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia