Australia issues a "warning" to cryptocurrency ATM providers about money laundering issues

The Australian financial crime watchdog has issued a "warning" to cryptocurrency ATM operators, warning that many such machines may be helping criminals launder money or defraud victims.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) said in a statement released on Monday that the Cryptocurrency Working Group, established last December, had identified "concerning trends and signs of suspicious activity" related to cryptocurrency ATMs, including links to scams and fraud.

Cryptocurrency ATMs (also known as self-service machines) are physical machines that allow users to buy or sell cryptocurrencies like Bitcoin using cash or bank cards, usually without the need for identity checks like traditional finance.