Australia’s national financial intelligence agency has introduced new regulations for crypto ATM operators amidst rising concerns over scam activity linked to these machines.
As announced in a 3 June press release, the Australian Transaction Reports and Analysis Centre (AUSTRAC), is enforcing a cash transaction limit of 5,000 Australian dollars (around $3,250) per deposit or withdrawal.
Operators must also display scam warnings, strengthen transaction monitoring, and implement enhanced customer due diligence.
These measures are part of a broader government crackdown on financial crime, targeting the increasing misuse of cryptocurrency kiosks across the country.
While the new rules currently apply only to registered digital currency exchange (DCE) providers operating crypto ATMs, AUSTRAC has urged all cash-for-crypto services, including exchanges, to consider similar safeguards.
AUSTRAC CEO Brendan Thomas emphasized that the conditions will be continuously reviewed in collaboration with law enforcement and ATM operators.
He noted that adjustments may follow based on their effectiveness in curbing fraudulent activity.
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. In light of the risks and harms, we consider it absolutely necessary to ensure the sector meets minimum standards and reduces the criminal misuse of crypto ATMs.”
The regulatory push follows an investigation by an AUSTRAC-led task force, launched in September, which examined data from nine crypto ATM providers.
The review revealed that users over the age of 50 made up nearly 72% of transaction value—a finding that underscored the vulnerability of older Australians to scams.
Thomas noted:
“It is a huge concern that people in this demographic are overrepresented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60-70 year old users are victims of scam activity.”
Australia sees nearly 150,000 crypto ATM transactions annually, totalling approximately $275 million in cash-based purchases of digital assets like Bitcoin, Tether, and Ether, according to AUSTRAC data.
Australia’s cybercrime watchdog has flagged a troubling surge in scams involving cryptocurrency ATMs.
On 3 June, the Australian Federal Police (AFP) revealed that the country’s cybercrime reporting portal, ReportCyber, received 150 distinct reports of crypto ATM-related scams between January 2024 and January 2025.
Losses exceeded 3.1 million Australian dollars (about $2 million), though the AFP warned this “may be just the tip of the iceberg.”
According to AFP Commander Graeme Marshall, many victims are unaware they’ve been defrauded, don’t know how to report the crime, or are too embarrassed to come forward.
He pointed out:
“Scammers often use sophisticated tactics to elicit funds from victims. We would encourage people to share their stories with family and friends to raise awareness and help prevent others from falling victim.”
While Australia was initially slow to adopt crypto ATMs, usage skyrocketed in late 2022 following a wave of private-sector interest.
The country now ranks as the world’s third-largest market for crypto ATMs, with 1,819 active machines—up from just 67 in August 2022, according to Coin ATM Radar.
Leading providers include Localcoin (753 ATMs), CoinFlip (700), and Bitcoin Depot (182).
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