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

Australia’s nationalist fiscal quality bureau has rolled retired caller operating rules and transaction limits for crypto ATM operators, arsenic national constabulary accidental scams done the kiosks are connected the rise.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is enforcing a 5,000 Australian dollar ($3,250) bounds connected currency deposits and withdrawals connected crypto ATMs, scam informing signs, much robust transaction monitoring and enhanced lawsuit owed diligence obligations, the bureau said successful a June 3 property merchandise shared with Cointelegraph.

Currently, the limits lone use to crypto ATM providers; however, AUSTRAC expects crypto exchanges operating successful Australia to “consider imposing akin limits if they judge currency for crypto transactions.”

AUSTRAC CEO Brendan Thomas said the caller rules are not acceptable successful stone, and the “effectiveness of these conditions” volition stay nether reappraisal and beryllium adjusted if needed portion the bureau works with instrumentality enforcement and ATM providers to curb immoderate suspicious activity.

“The conditions are designed to assistance support individuals from scams by deterring criminals from directing them to a crypto ATM, arsenic good arsenic to support businesses from transgression exploitation,” helium said.

“In airy of the risks and harms, we see it perfectly indispensable to guarantee the assemblage meets minimum standards and reduces the transgression misuse of crypto ATMs.”

The crackdown was triggered aft an probe by an AUSTRAC task unit examined information from 9 crypto ATM providers and recovered that astir users are implicit 50 years of property and relationship for astir 72% of each transactions by value.

Crypto ATMs, specified arsenic this 1 pictured successful a Sydney buying center, person besides cropped up successful petrol stations, convenience stores and immoderate nutrient shops. Source: Coin ATM Radar

The task unit was acceptable up past September to investigate whether crypto ATMs had the due Anti-Money Laundering and counter-terrorism checks successful place. 

“It is simply a immense interest that radical successful this demographic are overrepresented arsenic customers utilizing currency to acquisition cryptocurrency and, arsenic grounds suggests, that a ample fig of 60-70 twelvemonth aged users are victims of scam activity,” Thomas said.

There are astir 150,000 crypto ATM transactions annually successful Australia, with astir $275 cardinal moving done them utilizing currency to bargain Bitcoin (BTC), Tether (USDT) and Ether (ETH), according to AUSTRAC.

Millions mislaid to crypto ATM scams conscionable “tip of the iceberg”   

The Australian Federal Police (AFP) said connected June 3 that the country’s online cybercrime reporting system, ReportCyber, received 150 unsocial reports of scams involving crypto ATMs betwixt January 2024 and January 2025.

It added that full losses exceeded 3.1 cardinal Australian dollars ($2 million), which it said “may beryllium conscionable the extremity of the iceberg.”

Related: Australia’s concern watchdog to ace down connected dormant crypto exchanges

AFP Commander Graeme Marshall said galore of those conned done crypto ATMs don’t recognize they’re victims, don’t cognize how to report the scam oregon “feel embarrassed due to the fact that they were scammed.”

“Scammers often usage blase tactics to elicit funds from victims. We would promote radical to stock their stories with household and friends to rise consciousness and assistance forestall others from falling victim,” helium said.

Australia was a dilatory marketplace for crypto ATMs, but adoption increased exponentially adjacent the extremity of 2022 aft backstage firms began piling into the market.

The state is now the third-largest hub for crypto ATMs, and Coin ATM Radar data shows Australia presently has 1,819 ATMs, up from 67 successful August 2022. 

Australia has grown to person the world’s third-largest fig of crypto ATMs, down the US and Canada. Source: Coin ATM Radar

Leading crypto ATM providers successful Australia include Localcoin, with 753 successful its stable; Coinflip, with 700 ATMs; and Bitcoin Depot, with 182.

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