Australia Imposes $3,250 Cash Limit on Crypto ATM Transactions to Combat Fraud

Australia’s financial intelligence agency, AUSTRAC, has introduced stringent new measures targeting cryptocurrency ATMs, capping cash transactions at approximately $3,250 per deposit or withdrawal. The move aims to curb rising financial fraud and enhance consumer protection in the rapidly growing digital asset sector.

Crypto ATMs have become a focal point for illicit activities, prompting AUSTRAC to enforce stricter compliance rules. These include enhanced identity verification, mandatory scam warnings on ATM screens, and improved transaction monitoring systems. One operator’s license was revoked for failing to adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

The number of crypto ATMs in Australia has surged from just 23 in 2019 to over 1,800 today, reflecting explosive growth in retail adoption. AUSTRAC’s crackdown signals a broader regulatory shift as authorities worldwide grapple with balancing innovation and risk in the crypto ecosystem.