AUSTRAC just put the crypto ATM world on a tighter leash, cash deposits and withdrawals are now capped at 5,000 Australian dollars (about $3,250), and operators must plaster scam warnings all over their machines. No more free-for-all for crypto ATM users!
The new rules also demand beefed-up customer checks and sharper transaction monitoring. Brendan Thomas, AUSTRAC’s CEO, made it clear: these moves aren’t just red tape, they’re meant to keep folks safe from scammers and stop crooks from turning ATMs into their playground.
This crackdown follows a task force probe that peeked under the hood of nine crypto ATM providers. Fun fact: almost 72% of transaction value comes from users over 50, with the 60-to-70 crowd making up 29% alone. Guess who’s really into crypto cash?
AUSTRAC’s New Playbook to Protect Aussie Crypto Users
If other digital currency exchanges don’t shape up under the Anti-Money Laundering and Counter-Terrorism Financing Act, they could be next in AUSTRAC’s crosshairs.
While this $5,000 cap only applies to crypto ATMs for now, AUSTRAC nudges all cash-accepting exchanges to think about following suit to keep financial crooks at bay.
Teaming up with the Aussie Federal Police’s cybercrime squad, AUSTRAC is rolling out educational materials next to ATMs to school users on spotting scams and reporting shady business.
It’s no secret why this is urgent; some Aussies have lost their life savings after scammers pushed them to these machines. With most ATMs only taking cash for Bitcoin buys, the risk of getting played is sky-high.
Between January 2024 and January 2025, the Australian Federal Police logged 150 crypto ATM scam cases, racking up losses over 3.1 million Aussie dollars, and that’s probably just the tip of the iceberg.
Australia’s crypto ATM scene has exploded from 23 machines in 2019 to over 1,800 today, with nearly 150,000 transactions a year moving around $275 million in cash. Bitcoin, Tether, and Ether are the stars of the show.
Emily Johnson
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