Australia’s national financial intelligence agency, AUSTRAC, has introduced new regulations and transaction limits for crypto ATM operators in response to a growing wave of scams targeting users, particularly older Australians.
In a press release issued on June 3, AUSTRAC announced a new cap of 5,000 Australian dollars (approximately $3,250 USD) on cash deposits and withdrawals at crypto ATMs. The updated operating conditions also require crypto ATM providers to implement stronger scam warnings, enhanced transaction monitoring, and stricter customer due diligence measures.
While the new rules currently apply only to crypto ATM providers, AUSTRAC is encouraging all crypto exchanges in Australia to consider similar restrictions for cash-based transactions.
AUSTRAC CEO Brendan Thomas emphasized that the rules are subject to change as the agency continues to assess their effectiveness. “These measures are designed to safeguard individuals from scams and prevent the criminal misuse of crypto ATMs, while also protecting legitimate businesses,” he said. “Given the associated risks and harms, it’s essential to establish minimum standards for the sector.”
The regulatory crackdown follows an AUSTRAC task force investigation into nine crypto ATM operators, which revealed that users over the age of 50 accounted for nearly 72% of all transaction value. The task force, established in September 2024, aimed to assess whether crypto ATMs complied with anti-money laundering (AML) and counter-terrorism financing regulations.
“It’s deeply concerning that older Australians, particularly those between 60 and 70 years old, are disproportionately represented in crypto ATM usage and are frequent scam victims,” Thomas noted.
AUSTRAC estimates there are nearly 150,000 crypto ATM transactions annually in Australia, moving approximately $275 million in cash purchases of cryptocurrencies like Bitcoin (BTC), Tether (USDT), and Ether (ETH).
Meanwhile, the Australian Federal Police (AFP) reported that 150 scam cases involving crypto ATMs were recorded through its ReportCyber platform between January 2024 and January 2025, with total losses surpassing 3.1 million AUD (around $2 million USD). The AFP warned that the actual scale of fraud is likely much higher, as many victims may not report incidents due to embarrassment or lack of awareness.
AFP Commander Graeme Marshall urged Australians to speak openly about scam experiences to raise awareness. “Scammers are using increasingly sophisticated tactics to exploit victims. Sharing these experiences can help protect others,” he said.
Although Australia was slow to adopt crypto ATMs, usage surged after private firms entered the market in late 2022. The country now ranks as the world’s third-largest crypto ATM hub, with 1,819 machines in operation—up from just 67 in August 2022, according to Coin ATM Radar.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
