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flag Australia to ban crypto ATMs over money laundering risks, citing 85% illicit user rate.

flag The Australian government is moving to ban crypto ATMs to combat money laundering and terrorism financing, following AUSTRAC data showing 85% of top users are involved in illicit activity, with nearly all transactions in cash. flag Home Affairs Minister Tony Burke announced new powers for AUSTRAC to restrict high-risk financial services, while banks will gain tools to verify visa holders’ residency status to detect mule accounts. flag The reforms, part of a broader push to expand compliance to professionals like lawyers and real estate agents by July 2026, aim to strengthen financial oversight and consumer confidence. flag Australia has one of the highest numbers of crypto ATMs globally, with over 2,000 machines nationwide, many concentrated in major cities.

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