New Zealand Bans Crypto ATMs in Sweeping Anti-Financial Crime Overhaul

New Zealand has enacted a ban on all cryptocurrency ATMs as part of stringent reforms targeting financial crime. The move eliminates 221 machines nationwide and introduces a $5,000 cap on international cash transfers. Authorities cite rampant misuse of digital asset infrastructure by criminal networks as the catalyst.

The Financial Intelligence Unit gains expanded surveillance powers under the new regime, including enhanced transaction tracking and reporting requirements. A proposed levy will fund enforcement of the updated anti-money laundering framework. Officials emphasize a risk-based approach to minimize regulatory burdens on compliant businesses.

This crackdown follows investigations revealing crypto ATMs facilitated illicit fund flows beyond traditional oversight. The measures position New Zealand among jurisdictions taking aggressive stances against anonymity-prone crypto services while preserving legitimate digital asset use.