Australia Imposes New Regulations on Crypto ATMs to Combat Rising Fraud
New Measures to Curb Illicit Activities
Effective immediately, AUSTRAC has mandated a cap of AUD 5,000 (approximately USD 3,250) on cash deposits and withdrawals at cryptocurrency ATMs. Operators are now required to display prominent scam warnings, enhance transaction monitoring systems, and implement stricter customer identity verification processes. These regulations are currently applicable solely to crypto ATM providers, though AUSTRAC has indicated that digital currency exchanges accepting cash should consider adopting similar safeguards.
The decision follows a comprehensive investigation by AUSTRAC, which revealed that individuals aged over 50 account for nearly…
