Australia Imposes Limits on Crypto ATM Transactions to Combat Elderly Fraud

According to Foresight News, CoinDesk reports that Australia's anti-money laundering regulator, AUSTRAC, has implemented restrictions on cryptocurrency ATM providers due to concerns over elderly fraud. The new measures include a $5,000 limit on cash deposits and withdrawals at crypto ATMs. Operators are required to enhance their customer due diligence obligations, which involve issuing scam warnings and monitoring transactions. Regulatory data indicates that crypto ATMs are frequently used for scam-related transactions, with scammers often targeting older individuals. Users aged 50 and above account for 72% of all transactions, while those aged 60 to 70 make up 29% of the transactions. These measures aim to protect vulnerable populations from financial exploitation.