Crypto Blog
In a concerning trend, TRM Labs found that illicit activity at crypto ATMs is significantly higher than in the broader crypto industry.
In 2023 alone, the proportion of illicit transactions at crypto ATMs reached 1.2% of their total volume, compared to just 0.63% for the entire crypto ecosystem. The report also revealed that over $30 million of illicit volume in 2023 was linked to known scam addresses, emphasizing the role of crypto ATMs in facilitating fraudulent schemes.
Similar crackdowns have been seen in other countries, including the UK and the United States, where regulatory bodies have shut down numerous illicit ATMs in recent years.Amidst concerns that these machines could be exploited by bad actors for money laundering and other illicit activities, the adoption of crypto ATMs in Australia has skyrocketed. In the past two years, TRM Labs found a staggering 17x increase in the number of kiosks in the country.
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