Australia’s financial watchdog, AUSTRAC, has announced it will implement new rules for crypto ATM operators. The firm has taken these initiatives to stop scams. These rules limit cash deposits and withdrawals to AU$5,000 (approximately $3,250), include warning signals about scams, improve tracking of transactions, and require operators to check customers’ identities more thoroughly.
Starting from 3rd June 2025, the country’s crypto ATMs will be subject to these rules. AUSTRAC has also asked crypto exchanges that accept cash should consider and implement similar rules. The rules can change if required in a later stage. AUSTRAC is working with Australian police and ATM companies to prevent criminals from using these machines. The goal is to protect people and businesses from scams.
AUSTRAC’s boss, Brendan Thomas, said older people, especially those over 50, are at high risk of crypto ATM scams. They make up 72% of the money spent at these machines.
A special investigation started in September 2024 found that people aged 60-70 are often targeted, leading to these new rules. As per the reports, every year, about 150,000 transactions happen at crypto ATMs in Australia, with $275 million in cash used to buy cryptocurrencies like Bitcoin, Tether, and Ether.
The Australian Federal Police (AFP) said that from January 2024 to January 2025, 150 scams involving crypto ATMs were reported, costing victims over AU$3.1 million ($2 million). AFP’s Graeme Marshall believes the real number is higher because many victims feel too embarrassed or don’t know how to report scams. He encouraged people to share their stories to help stop others from being tricked.
Australia now has many crypto ATMs, with 1,819 machines as of June 2025, up from just 67 in August 2022. This big increase is due to companies like Localcoin (753 ATMs), Coinflip (700 ATMs), and Bitcoin Depot (182 ATMs) are setting up more machines. The new rules are meant to protect people and businesses by stopping criminals from using these ATMs for illegal activities like scams.
From the start of the year 2025, Australia is trying to implement new strict rules for crypto ATMs to avoid the scams. On 31st March, 2025, Australia’s financial crime regulator issued a warning notice to cryptocurrency ATM providers. As many of these machines are allegedly involved in money laundering and victim deception.
