Australia Tightens Crypto ATM Rules Amid Scam Surge

Australia has experienced a significant rise in cryptocurrency ATM scams, with reported losses exceeding AUD 3.1 million between January 2024 and January 2025 as the number of ATMs grew from 23 in 2019 to more than 1,800. Most victims are over 50, showing that older Australians are particularly vulnerable. In response, AUSTRAC has implemented new regulations, including a AUD 5,000 limit on cash transactions at crypto ATMs, enhanced monitoring, and stricter customer due diligence to prevent criminal misuse. The Australian Federal Police and AUSTRAC caution that actual losses could be higher due to underreporting and emphasize that the irreversible nature of crypto transactions hampers recovery efforts. Authorities advise the public to be wary of urgent requests for crypto ATM deposits and promises of guaranteed returns, and to report scams to law enforcement. These regulatory changes are part of ongoing efforts to address the rapid growth and associated risks of crypto ATMs.