Crypto ATM operators in Australia hit with cash limits and tougher compliance checks
Australia has introduced new operating conditions and cash transaction limits for crypto ATM providers to curb scams and enhance anti-money laundering compliance.
In a June 3 press release, the Australian Transaction Reports and Analysis Centre (AUSTRAC) stated that crypto ATM operators must now implement a cash deposit and withdrawal cap of 5,000 Australian dollars (approximately $3,250).
Operators must also display scam warning messages at machines to alert users about potential fraud.
In addition, ATM providers are now required to conduct more thorough customer checks and enhance their transaction monitoring for suspicious activity.
“These conditions are designed to help protect individuals from scams and…
