Australia investigates Bitcoin ATMs amid surge in cash-to-crypto use
Australia investigates Bitcoin ATMs
Australia’s financial intelligence agency has launched a formal investigation into the nation’s rapidly expanding network of cryptocurrency ATMs, citing concerns over money laundering and terrorist financing risks.
The task force brings together experts from regulatory, enforcement, and intelligence divisions, according to the Cryptopolitan.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) established a specialized force in December to assess the compliance of crypto ATM providers with anti-money laundering and counter-terrorism financing (AML/CTF) regulations.
“There are clear vulnerabilities in the cash-to-crypto pipeline that need to be addressed,” said AUSTRAC CEO Brendan Thomas. “We’re working with industry, but we’re also ready to take enforcement action where necessary.”
Massive ATM growth draws attention
Australia has seen a dramatic rise in crypto ATM installations in recent years. From just 23 machines in 2019, the number surged to over 1,600 by early 2025. Sydney leads with 451 machines, followed by Brisbane (267) and Melbourne (200).
These ATMs primarily allow users to convert cash into Bitcoin, raising concerns about the traceability of funds entering the digital asset system.
AUSTRAC’s early findings point to “worrying trends” and signs of potentially suspicious transactions. While the majority of operators are cooperating, the regulator has identified gaps in AML/CTF controls, particularly around customer verification and transaction monitoring.
Crypto ATMs represent only a fraction of Australia’s broader digital asset ecosystem, but regulators view them as a high-risk entry point for illicit activity. Thomas emphasized that the agency will continue working closely with legitimate providers to raise compliance standards across the sector.
“We want to support innovation,” he said, “but that can’t come at the cost of financial system integrity.”
Asia’s Metaplanet hit an all-time high of ¥6,650, rising 13% in a day. The stock is up 36% this week and 81% this month, earning praise from Michael Saylor for its Bitcoin strategy.
