A joint nationwide operation by the Australian financial regulator AUSTRAC and police has identified 90 scam victims, money mules, and suspected offenders among the most prolific cryptocurrency ATM users, announced on June 25, 2025. AUSTRAC's Cryptocurrency Taskforce examined the profiles of the most active crypto ATM users in each state based on transaction values, identifying dozens of cases believed to be linked to scams or fraud, particularly among older users who make up the majority of ATM users and account for 72% of the total value of transactions, signaling a serious problem among more vulnerable populations.
AUSTRAC data shows approximately 150,000 transactions occur annually through cryptocurrency ATMs, with about $275 million AUD being moved, while about 99% of those transactions are cash deposits for purchasing cryptocurrencies, primarily Bitcoin, Tether and Ethereum. ReportCyber - Australia's online cybercrime reporting system - received 150 unique reports of crypto ATM-related scams between January 1, 2024, and January 1, 2025, with an estimated loss of $3,107,600, averaging more than $20,000 per report, with the top crime types being investment scams (63), extortion emails (35), and romance scams (24). AUSTRAC CEO Brendan Thomas expressed particular concern that the 60-70 age group was among the most active users, accounting for 29% of all transactions by value alone, while one woman in her 70s had deposited more than $430,000 into crypto ATMs after falling victim to romance and investment scams.
The authorities have now implemented minimum standards for crypto ATM providers, including a $5,000 limit on cash deposits and withdrawals, enhanced customer due diligence obligations, mandatory scam warnings, and better transaction monitoring. AUSTRAC data shows the number of crypto ATMs in Australia has increased more than 15-fold since 2019, from 23 to more than 1600 in 2025, with the prevalence of scams increasing alongside this growth. The joint operation was led by NSW Police with support from AUSTRAC and the Australia-New Zealand Crypto Practitioners Working Group (ANZCPWG), focusing on protecting victims and educating the public to prevent cryptocurrency-enabled scams.
Sources:
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investigative reporter Alex Turner-Cohen
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