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Briefly
- Austrac reprimanded the licensee of the Cryptumellite provider and imposed $ 5,000 transaction limitations after finding a wide fraud, especially aiming for users between the ages of 60 and 70.
- New data show that more than 50 years make up 72% of the ATM transaction value, which promotes firmer rules and educational campaigns near the machines.
- The regulator said he would continue to monitor the sector and can introduce further measures if the damage related to the fraud remains.
Older Australians have been deceived from millions at a Kripto ATM and Austrac excludes them.
Austrac, or the Australian Center for Reports and Analysis of Transactions, said he refused to renovate the registration of the CRIPTO ATM Center Harro’s ATMs to impose new conditions for others, states statement Posted on Monday.
To combat fraud, Austrac limited deposits and withdrawal to $ 5,000 per transaction and requires improved user check. Exchange of digital currencies that accept Gotovina have been called to adopt similar protective measures.
“A large number of 60-70-year-old users are the victim’s fraud activities, Austrian CEO Brendan Thomas said in a statement.” That’s a great concern. ”
The announcement follows the Australian Marshal’s Warning set the sector “notice,,“ After the crypto working group was formed at the end of 2023, it marked serious emptiness in accordance.
The new data of nine KRIPTO ATM providers show that people over the age of 50 make up almost 72% of total transactional values, and only a demographic group of 60-70 is 29%.
“The recent move of the Australian, along with the Singapore licensing deadline, is especially alarming given the established position of APAC as the Crypto of the Center,” said Altan Tutor, CEO and co-founder Moremarkets, said Decipher. “The region has long attracted the web3 projects balanced by regulation that have been pushed by innovation while maintaining surveillance. This competitive advantage now seems at risk.”
Austrac -that the latest action of the target sector that recorded unproven growth, with the number of KRIPTO ATMs increased from 23 in 2019 to over 1800 today, Coin ATM Radar states data.
Officials estimate that approximately $ 275 million is transferred annually through these machines, and almost all transactions include the purchase of cryptocurrencies based on cash, primarily Bitcoin (BTC), Ethereum (Eth) i Pendant (USDT).
“Operators have to respect the law of the country,” said Sudhakar Lakshmanaraja, founder of Blockchain Education Platform Digital South Trust, said Decipher. “Compliance not only protects citizens, but reduces exposure to high risk activities.
The regulator also cooperates with the police on the installation of educational materials near the machines, hoping to distract the victims before the funds are sent.
“However, I would warn anyone who is required to use one of these machines to send funds to someone to stop and think twice, because once your money is gone, it is almost impossible for the authorities to take over,” Thomas warned.
Lakshmanaraja said that the move of Australia “a clear warning” industry, because regulators around the world accelerate efforts to combat money laundering, financing terrorism and other illegal crypto activities.
Crypto fraud rose to $ 9.3 billion 2024, with Americans, over 60 identified as the most common victims and reporting $ 107 million losses from ATM fraud, according to an annual crime report in the FBI 2024.
In response to a growing threat, legislators throughout the Pacific Ocean distribute their own measures.
In February, Suggested by US Senator Dick Durbin Scheduling a crypto of a tribute transactions and demanding refund for the fraud, while Arizona and Nebraska Laws adopted that oblige warnings of fraud and ID check.
Edited Sebastian Sinclair
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