The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 requires regulated entities to collect information to establish a customer’s identity, monitor transactional activity, and report to AUSTRAC transactions or activity that is suspicious or involves large amounts of cash over $10,000.
I commented on decentralized exchanges like BISQ and how it can be risky. I wouldn’t be surprised if my bank froze/shut down my account if they learned I was buying cryptocurrency peer-to-peer.
While happy to be proven wrong, I don’t think it’s possible here.
I earn less than $1000/month in Bitcoin/Monero, which I withdraw to cash to pay for food and rent, which are necessary living costs. This is much lower than the $10k limit you described.
I can’t get a bank account anyway and use cash for P2P trades (Bitcoin ATMs, cash in person, cash by mail).
Bitcoin ATMs in Australia (I believe) fall under AML/CTF laws which require them to register and comply with regulation that compels them to establish a customer’s identity:
I commented on decentralized exchanges like BISQ and how it can be risky. I wouldn’t be surprised if my bank froze/shut down my account if they learned I was buying cryptocurrency peer-to-peer.
While happy to be proven wrong, I don’t think it’s possible here.
I earn less than $1000/month in Bitcoin/Monero, which I withdraw to cash to pay for food and rent, which are necessary living costs. This is much lower than the $10k limit you described. I can’t get a bank account anyway and use cash for P2P trades (Bitcoin ATMs, cash in person, cash by mail).