australia

📰 News

Gemini, the US exchange founded by brothers Cameron and Tyler Winklevoss, officially announced the launch of its local entity in Australia, under the name 'Gemini Intergalactic Australia Pty Ltd.'

This subsidiary has been registered and authorized by AUSTRAC (the Australian agency responsible for supervising financial services and preventing money laundering).

📅 Date: October 8-9, 2025.

📍 Main source: Reuters.

🏦 What does this movement imply

Local registration:

Australia’s Home Affairs Minister Tony Burke has announced sweeping new powers that will allow the government to restrict or even ban crypto ATMs, calling them a “high-risk product” linked to money laundering, fraud, and child exploitation.

Explosive Growth Raises Alarm
During a speech at the National Press Club in Canberra, Burke highlighted the rapid expansion of crypto ATMs across Australia:
Six years ago, there were only 23,Three years ago 200,And now more than 2,000.
“It keeps growing — and growing fast,” Burke warned, noting that buying crypto with cash makes it much harder to track financial activity.
Australia’s financial intelligence agency, AUSTRAC, has tied these machines to organized money laundering, drug trade, online scams, and even child exploitation networks.
An internal review revealed that 85% of all cash flowing through crypto ATMs was connected to fraud or money-mule operations used to disguise the origins of illicit funds.

New Legislation to Expand AUSTRAC’s Powers
Burke announced that the government is drafting a new law granting AUSTRAC the authority to limit or ban “high-risk products”, including crypto ATMs.

The bill is expected to be introduced to parliament in the coming months.
When asked whether AUSTRAC plans to impose a total ban, Burke declined to comment, saying such statements could trigger legal challenges.

“AUSTRAC will be able to act under the new legal framework that I’ll soon present,” he added.

Regulatory Crackdown Already Underway
AUSTRAC has been tightening its oversight since March 2024, after a special task force uncovered “concerning trends” in crypto ATM transactions.
By June, the agency had revoked the registration of Harro’s Empires, a major ATM operator, and imposed a 5,000 AUD transaction limit.

It also introduced stricter Know-Your-Customer (KYC) and due diligence requirements across the entire industry.

Experts Call for “Smarter Regulation”
According to James Volpe, founder of Melbourne-based Web3 education firm uCubed, crypto ATMs deserve scrutiny — but they are not the biggest source of financial crime.
“Most crypto ATMs already require identity verification (KYC),” Volpe explained. “The risks are relatively minor compared to traditional channels such as banks, casinos, or remittance services.”
He suggested a more cooperative approach between AUSTRAC, law enforcement, and operators.

“Automated monitoring systems could flag only high-risk or suspicious activity for review, allowing targeted enforcement while preserving user privacy,” Volpe added.

Australia Balances Control and Innovation
The decision reignites the debate over where to draw the line between security and innovation.

While the government aims to curb crypto-related crime, many warn that overregulation could stifle blockchain innovation in Australia.
Officials, however, insist that the goal is not to suppress the industry but to ensure it develops safely and transparently — without becoming a tool for criminals.


#Australia , #Regulation , #Cryptolaw , #blockchain , #Web3

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