Australia Imposes Stricter Regulations on Crypto ATMs Amid Rising Scam Activity

Australian authorities are tightening controls on cryptocurrency ATMs following a surge in scam-related losses. Between January 2024 and January 2025, victims reported A$3.1 million (US$2 million) in losses through 150 unique cases, with elderly investors disproportionately affected.

New rules enforced by AUSTRAC now cap cash transactions at A$5,000 (US$3,250) per ATM deposit or withdrawal. Operators must display prominent scam warnings, enhance transaction monitoring, and implement stricter customer verification. These measures, effective since June 3, currently target ATM providers but may extend to cash-enabled crypto exchanges.

Data reveals 72% of crypto ATM transaction value originates from users over 50, with seniors often coerced into sending funds to "prove" fraudulent investments. AUSTRAC CEO Brendan Thomas emphasized these policies will undergo ongoing evaluation for effectiveness.