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Jamie Crawley
GameFi Guides

Binance Australia Directed to Appoint External Auditor Over ‘Serious Concerns’

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Binance Australia has been directed to appoint an external auditor by the country’s anti-money laundering (AML) regulator.

Australian Transaction Reports and Analysis Centre (AUSTRAC) said it has identified “serious concerns” with the crypto exchange’s AML and counter-terrorism financing (CTF) controls.

Binance Australia has 28 days to nominate external auditors for AUSTRAC’s consideration.

AUSTRAC said it has flagged concerns about Binance’s AML/CTF governance based on its high staff turnover and a lack of local resourcing and senior manager oversight.

“We have engaged openly and transparently with Austrac over the past several months and continue to value their guidance, expertise, and oversight,” Matt Poblocki, general manager of Binance Australia and New Zealand, said, according to a Bloomberg report. “We remain committed to maintaining best-in-class compliance standards and will continuously enhance our capabilities.”

Binance did not immediately respond to CoinDesk’s request for further comment.

The Binance empire has had a difficult relationship with regulators over the years. A string of regulatory bodies issued warnings about the exchange’s authorization (or lack thereof) to operate in 2021. This came to a head in 2024 when founder Changpeng “CZ” Zhao was sentenced to four months in U.S. federal prison after pleading guilty for violation of money laundering laws.

AUSTRAC has been trying to take a proactive approach to its oversight of the digital asset industry in recent months, recently enacting a series of measures on crypto ATM providers over concerns about their alleged use for scams.



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NFT Gaming

Australia Charges Four Over $123M Crypto Money Laundering Ring

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In brief

  • Australian police have dismantled a $123 million Queensland money laundering ring that allegedly funneled illicit cash into crypto.
  • Raids across Brisbane and the Gold Coast uncovered $170,000 in crypto, physical cash, luxury properties, and encrypted devices.
  • The AFP’s asset seizure taskforce restrained over $110 million in the past year, with crypto playing a key role in multiple cases.

Australian police have charged four over their alleged involvement in a Queensland-based money laundering network that is accused of moving $123 million in illicit cash into crypto.

On June 5–6, the Australian Federal Police (AFP)‑led Criminal Assets Confiscation Taskforce (CACT), alongside the Queensland Joint Organised Crime Taskforce (QJOCTF) and other agencies, executed 14 targeted raids across Brisbane and the Gold Coast following an 18-month federal investigation, according to a Monday statement from the Australian Taxation Office.

Investigators uncovered crypto estimated at $110,370, along with $30,000 in physical cash, encrypted devices, business documents, vehicles, properties, and bank accounts.

Authorities allege the scheme funneled drug money and criminal proceeds through a Gold Coast security company that offered armored transport services, then washed the funds using shell businesses, classic car sales, and crypto exchanges.

The company is accused of converting massive volumes of physical cash into crypto to obscure its origins.

‘We allege this organisation intentionally concealed and disguised the source, value and nature of their illicit money, and distanced themselves from the funds to try to avoid getting caught by authorities,” said AFP Detective Superintendent Adrian Telfer in a Monday statement.

A 32-year-old man from Heathwood in Brisbane, accused of laundering $6.16 million over 15 months, has been remanded in custody and is appearing in court today.

Authorities claim he used a sales promotion company, registered in his wife’s name as a “straw director,” to receive funds from the security company.

The company’s director and general manager, both from Maudsland, were granted bail after being charged with dealing in proceeds of general crime worth over $6.4 million.

A 58-year-old West End man, linked to a classic car dealership accused of washing $4.1 million, also faces multiple money laundering charges.

Crypto and money laundering

The case shows how crypto is increasingly used to hide illicit funds, with Australian authorities warning it’s a favored tool for organized crime.

CACT has restrained over $110 million in assets in the past year, much of it crypto-related, bringing total seizures since 2019 to $1.2 billion.

In July 2024, the AFP-led CACT restrained $333,779 in crypto as part of a $10.1 million asset seizure in the Gold Coast money laundering case.

The restrained assets also included seven properties worth $8.4 million, $1.12 million in cash, and over $76,000 held across multiple bank accounts.

Last month, a Queensland man forfeited a $2.9 million portfolio, including a waterfront mansion and nearly 25 BTC, after AUSTRAC, Australia’s financial intelligence agency, flagged suspicious activity linked to a 2013 crypto theft.

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crypto
GameFi Guides

Australia Cracks Down Amid Scam Surge

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Australia’s financial watchdog and federal police are warning that scams using crypto ATMs are draining wallets across the country.

Between January 2024 and January 2025, 150 people filed unique reports with ReportCyber about crypto ATM scams, and those losses topped A$3.1 million (about US$2 million). Many older Australians are being targeted, and regulators are scrambling to put safer rules in place.

Operators Face New Transaction Caps

According to the Australian Transaction Reports and Analysis Centre (AUSTRAC), a new rule now limits cash deposits and withdrawals at crypto ATMs to A$5,000 (around US$3,250). Operators must also put up clear scam warning signs, keep a closer eye on every transaction, and step up checks on customers.

Image: AML Intelligence

These measures began on June 3. Right now, they only apply to ATM providers, but AUSTRAC says crypto exchanges should think about doing the same if they let people use cash to buy crypto.

AUSTRAC CEO Brendan Thomas mentioned that these conditions will be watched closely and could change if they aren’t working as planned.

Seniors At Higher Risk

Based on reports from AUSTRAC’s task force, most people who use cash to buy crypto at ATMs are over 50, and about 72% of all transaction value comes from this older age group.

It’s a big worry because many in their 60s and 70s end up as victims of scams. Scammers often tell them to send money to a crypto ATM to “prove” an investment or to recover stolen funds.

Many victims don’t even realize they’ve been scammed until it’s too late. That’s partly why AUSTRAC wants stronger “know your customer” checks right at the kiosk.

Total crypto market cap currently at $3.27 trillion. Chart: TradingView

Public Reporting Remains Low

AFP Commander Graeme Marshall says that a lot of people who lose money don’t report it. Sometimes they feel too embarrassed. Other times, they just don’t know how to get help. Marshall encouraged anyone who has been scammed to tell their family and friends about it.

People need to share what happened so others won’t fall into the same trap. Right now, with 150 reports logged over 12 months, the Australian Federal Police (AFP) thinks those numbers are just scratching the surface. They believe many more scams are happening without being recorded.

Image: MakeUseOf

Rising Number Of ATMs

Australia used to have very few crypto ATMs—just 67 in August 2022. But by June 2025, that number had exploded to nearly 1,820. That makes Australia the third-largest market for these machines in the world.

In a single year, almost 150,000 cash-based transactions went through, moving roughly A$275 million (about US$178 million) into Bitcoin, Ether, and various stablecoins. Private firms like Localcoin (753 machines), Coinflip (700), and Bitcoin Depot (182) lead the pack.

With more ATMs popping up, there’s more chance for scammers to trick people, especially if operators aren’t watching closely.

Featured image from Gemini, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Crypto ATM operators in Australia hit with cash limits and tougher compliance checks
GameFi Guides

Crypto ATM operators in Australia hit with cash limits and tougher compliance checks

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Australia has introduced new operating conditions and cash transaction limits for crypto ATM providers to curb scams and enhance anti-money laundering compliance.

In a June 3 press release, the Australian Transaction Reports and Analysis Centre (AUSTRAC) stated that crypto ATM operators must now implement a cash deposit and withdrawal cap of 5,000 Australian dollars (approximately $3,250).

Operators must also display scam warning messages at machines to alert users about potential fraud.

In addition, ATM providers are now required to conduct more thorough customer checks and enhance their transaction monitoring for suspicious activity.

“These conditions are designed to help protect individuals from scams and businesses from criminal exploitation,” AUSTRAC CEO Brendan Thomas said in a statement.

“In light of the risks and harms we consider it is absolutely necessary to ensure the sector meets minimum standards and reduces the criminal misuse of crypto ATMs,” he added.

The new rules come as part of an enforcement initiative following an AUSTRAC taskforce investigation into crypto ATM usage across the country.

The task force analyzed data from nine providers and found that individuals aged over 50 accounted for nearly 72% of all transaction value, with those aged 60 to 70 making up 29% alone.

The agency also refused to renew the registration of one operator, Harro’s Empires, citing ongoing risks of misuse.

It warned that other digital currency exchange providers failing to meet their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act could face similar consequences.

Although the current cash limit applies only to crypto ATM providers, AUSTRAC urged all exchanges accepting cash to consider adopting similar thresholds to reduce exposure to financial crime risks.

In collaboration with the Australian Federal Police-led Joint Policing Cybercrime Coordination Centre (JPC3), AUSTRAC has also developed educational materials that will be placed near ATMs to alert users about common scam tactics, warning signs, and how to report suspicious activity.

The announcement follows AUSTRAC’s warnings earlier this year, when it cautioned crypto ATM providers that non-compliance with AML/CTF rules would lead to legal action.

At the time, AUSTRAC said it had already been working with industry participants since December 2024 to improve standards across the growing network of machines.

Authorities highlighted that some Australians had lost their life savings after being directed to crypto ATMs by scammers. With most machines accepting only cash for Bitcoin purchases, officials say this raises significant risks of exploitation.

Meanwhile, in a separate June 3 report, the Australian Federal Police reported 150 scam-related cases involving crypto ATMs between January 2024 and January 2025, with losses exceeding 3.1 million Australian dollars. 

Authorities believe the actual number may be higher, as many victims are either unaware they’ve been defrauded or are hesitant to come forward.

As of last check, Australia is home to over 1,800 crypto ATMs, a dramatic rise from just 23 machines in 2019. According to AUSTRAC, nearly 150,000 transactions occur annually through these machines, moving an estimated $275 million in cash, with Bitcoin, Tether, and Ether being the primary assets purchased.



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