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New Zealand Shuts Down Over 220 Bitcoin ATMs and Caps International Cash Transfers at $5,000 to Stop Criminals Laundering Funds
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New Zealand Bans Crypto ATMs And Caps Cash Transfers Amid Crime Clampdown
Crypto users in New Zealand will no longer be able to buy or sell digital assets through ATMs, following a government crackdown targeting money laundering and organised crime.
The new restrictions also include a $5,000 cap on international cash transfers, forming part of a broader reform of the country’s financial crime laws.
Crypto Kiosks Shut Down Across The Country
Over 220 cryptocurrency ATMs have been taken offline as part of the move, with authorities citing growing concerns about their use in criminal schemes.
A government report highlighted how these machines had become tools for swiftly converting cash into crypto, which is then sent overseas within minutes to finance drug imports and scams.
A government-commissioned report from April, which shaped the decision, stated,
“Criminals can use these ATMs to purchase cryptocurrency and transfer that cryptocurrency within minutes to offshore criminals to fund drug imports or to make payments associated with scams.”
Source: New Zealand’s Ministerial Advisory Group
The measure was announced by Associate Justice Minister Nicole McKee as part of a sweeping update to the country’s anti-money laundering and counter-terrorism financing framework.
She said,
“This Government is serious about targeting criminals, not tying up legitimate businesses in unnecessary red tape.”
$5,000 Limit Targets Offshore Fund Flows
Alongside the ATM ban, New Zealand is enforcing a $5,000 upper limit for international cash transfers.
Authorities say this threshold directly aims to choke the ability of criminal groups to move illicit funds abroad, while leaving room for lawful digital bank transfers to continue.
According to McKee, the overarching goal is to make New Zealand “one of the easiest places in the world to do legitimate business and one of the hardest for criminals to hide.”
More Power For Police And Regulators On The Way
The government is also preparing to introduce new legislation to increase the enforcement reach of the police and financial authorities.
This includes expanding the powers of the Financial Intelligence Unit, allowing it to access more detailed financial data on individuals under suspicion.
A separate consultation is expected to begin on funding this regulatory regime through a dedicated industry levy, ensuring continued oversight without placing the burden on taxpayers.
Crypto Industry Divided But Leaning Supportive
While some users expressed concern over losing quick and anonymous access to crypto, several industry leaders supported the government’s move.
Janine Grainger, co-founder of Kiwi platform Easy Crypto, told Decrypt,
“We applaud the ban.”
She emphasised the need to grow the sector in a way that protects users and ensures compliance.
She noted that while crypto ATMs had grown rapidly, they often came with high fees and minimal oversight.
Source: Coin ATM Radar
According to her, the ban was not surprising and largely impacts more fringe use cases, as most everyday users now favour regulated and transparent exchanges.
Arjun Vijay, founder of Indian crypto exchange Giottus, echoed this sentiment, stating,
“Without sufficient safeguards like KYC in place, it was inevitable that Bitcoin ATMs would face bans in many jurisdictions.”
He also pointed to the often high conversion fees—ranging from 5% to 20%—as another reason users were drifting away from kiosks in favour of regulated apps.
Global Trend Of Scrutiny On Crypto Machines
New Zealand’s decision mirrors a growing global trend of tightening control over crypto ATMs.
In the United States, cities like Spokane have opted for outright bans after FBI data linked the machines to more than $5.6 billion in fraud losses in 2024.
Meanwhile, Australia’s financial watchdog recently issued warnings after scams involving the elderly surged via crypto kiosks.
Despite the increased regulation, major voices in crypto such as Vitalik Buterin and Binance founder Changpeng Zhao have yet to comment publicly on the move.
Is This The End Of Anonymous Crypto Access?
New Zealand’s decision is less about rejecting crypto and more about forcing it to evolve.
With high fees and minimal oversight, crypto ATMs had become havens for abuse rather than innovation.
Shutting them down might seem drastic, but in a world where scams and illicit transfers are climbing, such bold moves may soon become the norm—not the exception.
Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG
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