The Australian government is intensifying its regulation of cryptocurrency ATMs in response to rising concerns over money laundering and scams. The number of Bitcoin ATMs in Australia has increased dramatically from 73 in 2022 to over 1,200 by August 2024, with expectations to reach 2,000 by the end of 2025. This surge has prompted AUSTRAC, the financial crimes watchdog, to establish a crypto task force aimed at curbing illicit activities. AUSTRAC reports that 85% of funds from top crypto ATM users are linked to scams, leading to new powers for the regulator to restrict or ban high-risk crypto products. The task force has identified that some machines are located in high-risk areas, facilitating money laundering and cross-border fund transfers. The initiative also targets fraud and scams, including those affecting older Australians, to prevent crypto ATMs from becoming havens for criminal operations.