Tasmania Crypto ATM Scam Don Cost AUD 2.5M, AUSTRAC Don Set ATM Limits
Crypto ATM scams for Tasmania don make the state top 15 users lose total AUD 2.5 million. Scammers use social engineering like fake romance or investment schemes to pressure victims make dem deposit cash for crypto ATMs, convert am to Bitcoin (BTC) and Ethereum (ETH), then move the money go illegal wallets. From 2021, Tasmania network of crypto ATMs grow from one go 24 machines, and Australia get almost 1,890 ATMs now, e don increase exposure to crypto ATM scams. After banks flag suspicious transfers, scammers put over AUD 592,000 enter these machines. Detective Sergeant Paul Turner warn say urgent and high-pressure request to use crypto ATMs na scam nearly all the time. On June 25, Australian Federal Police and AUSTRAC launch national operation to fight ATM fraud. For June 2025, AUSTRAC impose limit of AUD 5,000 per deposit plus stricter compliance for operators. Similar moves be New Zealand ban on crypto ATMs and Spokane order to remove. Crypto traders suppose dey monitor changing regulations and ATM use trends to manage risk.
Neutral
Even though di scams point out where crypto ATM dey weak, dem mainly affect how people go fit prevent fraud and regulatory measures instead of direct market demand for cryptocurrencies like BTC or ETH. For short term, traders fit avoid to buy for ATM and become more careful, small small e go reduce local volumes. For long term, clearer regulations and compliance fit build institutional trust and stability, balance any first negative feeling. Overall, dis news no too get chance to cause big price changes so di impact na neutral.