The Australian Transaction Reports and Analysis Centre (AUSTRAC) refused to renew the registration of crypto ATM operator, Harro’s Empires.

According to AUSTRAC, the firm exhibited ongoing risks that its crypto ATMs could be exploited.

“This action draws a clear line in the sand and serves as a warning to other digital currency exchange providers that aren’t meeting their responsibilities under the AML/CTF Act,” said AUSTRAC CEO Brendan Thomas.

In just two years, the number of crypto ATMs in Australia increased more than 15 times, from just 23 operating in 2019, 60 in 2022, to more than 1,200 in 2024. There are now upwards of 1,800 active crypto ATMs.

AUSTRAC has projected that almost 150,000 transactions occur annually, with about $275m being moved using crypto ATMs. The vast majority of those transactions – about 99% – are cash deposits for the purchase of cryptocurrencies, mostly Bitcoin, Tether and Ethereum.

“Crypto can be a high risk investment, but people who consider and are willing to accept those risks may find them a convenient vehicle for investment”, said Mr Thomas.

“However, I would warn anybody who is asked to use one of these machines to send funds to someone to stop and think twice, as once your money is gone it is almost impossible for authorities to retrieve it.

AUSTRAC will continue to monitor this space and we will take more action if needed, where and when we see harm occurring.”