- Australia introduces a $3,250 limit on crypto ATM cash transactions to address rising scam activity.
- AUSTRAC sets new rules for crypto ATM operators, including enhanced monitoring and customer checks.
- Seniors over age 50 make up nearly 72% of crypto ATM transaction value, with many reportedly targeted by scams.
- Over $2 million was lost to scams through crypto ATMs in one year, according to the Australian Federal Police.
- Australia now has more than 1,800 crypto ATMs, ranking third globally behind the U.S. and Canada.
Australia’s financial intelligence agency, AUSTRAC, has established new operating rules for crypto ATM operators effective June 3, 2024. The changes aim to counter a rise in scams by capping cash deposits and withdrawals at $3,250 per transaction and requiring stronger customer verification.
AUSTRAC’s new rules mandate that operators of crypto ATMs implement enhanced transaction monitoring and display scam warning signs. The agency urged crypto exchanges that accept cash to also consider similar transaction limits. AUSTRAC CEO Brendan Thomas stated these rules will be reviewed for effectiveness and updated as needed. He said, “The conditions are designed to help protect individuals from scams by deterring criminals from directing them to a crypto ATM, as well as to protect businesses from criminal exploitation.”
The changes follow a task force investigation by AUSTRAC into nine crypto ATM providers. The task force found that nearly 72% of crypto ATM transaction value came from users over age 50. Thomas noted concern that a large portion of scam victims are aged 60 to 70. There are currently about 150,000 crypto ATM transactions each year in Australia, totaling approximately $275 million in cash shifting into cryptocurrencies like Bitcoin, Tether, and Ether.
The Australian Federal Police (AFP) reported at least 150 unique scams involving crypto ATMs between January 2024 and January 2025, with losses exceeding $2 million. The AFP said these figures may be just a fraction of the real total, as some targets do not know how to report their losses or are embarrassed. Commander Graeme Marshall of the AFP urged victims to share their experiences to boost awareness and prevention, saying, “Scammers often use sophisticated tactics to elicit funds from victims.”
The number of crypto ATMs grew sharply from 67 units in August 2022 to more than 1,800, according to Coin ATM Radar. Adoption accelerated in late 2022 when more private operators entered the market. Major operators now include Localcoin with 753 ATMs, Coinflip with 700, and Bitcoin Depot with 182.
A AUSTRAC task force continues to work with law enforcement and ATM providers to strengthen anti-money laundering and counter-terrorism measures in the sector. Australia, with its nearly 1,820 ATMs, is now the third largest market for crypto ATMs worldwide.
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