The Australian regulator wants to curb the criminal use of cryptocurrencies. From Reuters

(Reuters) – Australia’s financial crimes watchdog said on Friday it has set up an internal cryptocurrency task force to identify and take action against crypto ATM providers that do not comply with the country’s anti-money laundering laws .

The Australian transaction (JO:) The Reports and Analysis Center (AUSTRAC) said its findings show that cryptocurrencies are increasingly being misused for money laundering, fraud and money mule activities.

AUSTRAC’s taskforce will ensure that digital currency exchanges offering crypto ATM services have robust practices in place to minimize the risk of their machines being used to transfer funds in connection with fraud or scams, the government agency said.

A crypto ATM allows users to buy and sell cryptocurrencies such as Bitcoin and Dogecoin for cash.

There are currently 1,200 crypto ATMs operating in Australia, while around 400 digital currency exchange providers are registered with AUSTRAC.

The total value of the cryptocurrency market has almost doubled year to date. It also hit a record high above $100,000 as the election of Donald Trump as US president fueled expectations that his administration would usher in a friendly regulatory environment for cryptocurrencies.

AUSTRAC CEO Brendan Thomas said the agency was seeing “too many” Australians falling victim to cryptocurrency scams.

“Cryptocurrency and crypto ATMs are attractive options for criminals looking to launder money because of their wide accessibility and near-instantaneous and irreversible transfers,” he said, adding that crypto ATMs have been found to be operating against Violating anti-money laundering laws would result in fines.