2024

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Australia’s national financial intelligence agency has rolled out new operating rules and transaction limits for crypto ATM operators, as federal police say scams through the kiosks are on the rise.The Australian Transaction Reports and Analysis Centre (AUSTRAC) is enforcing a 5,000 Australian dollar ($3,250) limit on cash deposits and withdrawals on <a href="https://cointelegraph.com/learn/articles/bitcoin-atms-a-beginners-guide-to-bitcoin-teller-machines" rel="noopener noreferrer nofollow">crypto ATMs</a>, scam warning signs, more robust transaction monitoring and enhanced customer due diligence obligations, the agency said in a June 3 press release shared with Cointelegraph.Currently, the limits only apply to crypto ATM providers; however, AUSTRAC expects <a href="https://cointelegraph.com/explained/crypto-exchanges-explained" rel="noopener noreferrer nofollow">crypto exchanges</a> operating in Australia to “consider imposing similar limits if they accept cash for crypto transactions.”AUSTRAC CEO Brendan Thomas said the new rules are not set in stone, and the “effectiveness of these conditions” will remain under review and be adjusted if needed while the agency works with law enforcement and ATM providers to curb any suspicious activity.“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,” he said.<blockquote> “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.”
</blockquote>The crackdown was triggered after an investigation by an AUSTRAC task force examined data from nine crypto ATM providers and found that most users are over 50 years of age and account for almost 72% of all transactions by value.<figure><img alt="Cryptocurrencies, ATM, Australia, Scams, Money Laundering" src="https://s3.cointelegraph.com/uploads/2025-06/01973392-b176-7ac5-b194-8042f7368eea" title=""><figcaption style="text-align: center;">Crypto ATMs, such as this one pictured in a Sydney shopping center, have also cropped up in petrol stations, convenience stores and some food shops. Source: <a href="https://coinatmradar.com/bitcoin_atm/65547/bitcoin-atm-general-bytes-sydney-eastgate-shopping-centre/" rel="noopener noreferrer nofollow">Coin ATM Radar</a></figcaption></figure>The task force was set up last September to <a href="https://cointelegraph.com/news/australian-government-agency-forms-crypto-atm-taskforce" rel="noopener noreferrer nofollow">investigate whether crypto ATMs</a> had the proper Anti-Money Laundering and counter-terrorism checks in place.&nbsp;“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,” Thomas said.There are almost 150,000 crypto ATM transactions annually in Australia, with about $275 million moving through them using cash to buy Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>), Tether (<a href="https://cointelegraph.com/tether-price-index" rel="noopener noreferrer nofollow">USDT</a>) and Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>), according to AUSTRAC.<h2 id="millions-lost-to-crypto-atm-scams-just-tip-of-the-iceberg">Millions lost to crypto ATM scams just “tip of the iceberg”&nbsp;&nbsp;&nbsp;</h2>The Australian Federal Police (AFP) <a href="https://www.afp.gov.au/news-centre/media-release/3-million-lost-cryptocurrency-atm-scams-12-months-may-be-just-tip-iceberg" rel="noopener noreferrer nofollow">said</a> on June 3 that the country’s online cybercrime reporting system, ReportCyber, received 150 unique reports of scams involving crypto ATMs between January 2024 and January 2025.It added that total losses exceeded 3.1 million Australian dollars ($2 million), which it said “may be just the tip of the iceberg.”Related: <a href="https://cointelegraph.com/news/australia-finance-agency-austrac-dormant-crypto-exchange-blitz" rel="noopener noreferrer nofollow">Australia’s finance watchdog to crack down on dormant crypto exchanges</a>AFP Commander Graeme Marshall said many of those conned through crypto ATMs don’t realize they’re victims, don’t know <a href="https://cointelegraph.com/learn/articles/unmasking-the-top-10-crypto-scammers" rel="noopener noreferrer nofollow">how to report</a> the scam or “feel embarrassed because they were scammed.”“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,” he said.Australia was a slow market for crypto ATMs, but adoption <a href="https://cointelegraph.com/news/australia-ranks-3rd-in-crypto-atm-installations-after-us-and-canada" rel="noopener noreferrer nofollow">increased exponentially near the end of 2022</a> after private firms began piling into the market.The country is now<a href="https://cointelegraph.com/news/australia-1000-bitcoin-atms-us-canada" rel="noopener noreferrer nofollow"> the third-largest hub</a> for crypto ATMs, and Coin ATM Radar <a href="https://coinatmradar.com/charts/geo-distribution/" rel="noopener noreferrer nofollow">data</a> shows Australia currently has 1,819 ATMs, up from 67 in August 2022.&nbsp;<figure><img alt="Cryptocurrencies, ATM, Australia, Scams, Money Laundering" src="https://s3.cointelegraph.com/uploads/2025-06/01973386-7120-7bb9-87d5-c7e662408ae6" title=""><figcaption style="text-align: center;">Australia has grown to have the world’s third-largest number of crypto ATMs, behind the US and Canada. Source: <a href="https://coinatmradar.com/country/13/bitcoin-atm-australia/" rel="noopener noreferrer nofollow">Coin ATM Radar</a></figcaption></figure>Leading crypto ATM providers in Australia <a href="https://coinatmradar.com/charts/top-operators/australia/" rel="noopener noreferrer nofollow">include</a> Localcoin, with 753 in its stable; Coinflip, with 700 ATMs; and Bitcoin Depot, with 182.Magazine: <a href="https://cointelegraph.com/magazine/crypto-city-guide-perth-cointelegraph-magazine/" rel="noopener noreferrer nofollow">Wealthy, isolated, and incredible beaches: Perth Crypto City Guide</a>

Australia rolls out new crypto ATM rules as feds flag rising scams

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