Australia has experienced a significant surge in new crypto ATMs, increasing by 17 times in the last two years. The country now ranks as the third-largest market for crypto ATMs globally, boasting 1,162 machines compared to just 67 in August 2022. Despite this growth, concerns have been raised about the potential misuse of these kiosks by malicious actors. Law enforcement agencies have identified crypto ATMs as a vulnerability for money laundering activities. TRM Labs reported that the cash-to-crypto industry, dominated by crypto ATMs, processed over $160 million in illicit transactions since 2019. Scams and fraud accounted for the majority of illicit volumes, with regulators taking action in countries like Germany and the UK. While the industry continues to expand, authorities are increasingly vigilant about the risks associated with crypto ATMs. Read more AI-generated news on: https://app.chaingpt.org/news