- AUSTRAC sets a $3,250 cash limit on crypto ATM deposits and withdrawals to reduce fraud risks.
- Older adults account for nearly 72% of crypto ATM transaction value and are vulnerable to scams.
- Australia now hosts 1,819 crypto ATMs, with $275 million in annual cash transactions fueling regulatory changes.
Australia has decided to implement new laws for crypto ATM operators after officials say there have been more scams using such machines. The Australian Transaction Reports and Analysis Centre is taking steps to enforce stronger regulations, especially around maximum amounts that can be spent and ID verification for customers, to control fraud in crypto ATMs.
New Transaction Limits and Monitoring Requirements
AUSTRAC now imposes a 5,000 Australian dollar ($3,250) cap on cash deposits and withdrawals at crypto ATMs. The agency has also mandated improved transaction monitoring and stronger customer verification measures. Currently, these rules apply exclusively to crypto ATM operators, but AUSTRAC expects crypto exchanges in Australia to consider adopting similar limits if they accept cash for crypto purchases.
AUSTRAC CEO Brendan Thomas said that the rules aim to shield users from scams and keep businesses safe from criminals. He further indicated that the agency will keep checking whether these rules are effective and will keep them updated in consultation with law enforcement and machine providers.
Scam Victims Predominantly Older Adults
An AUSTRAC task force investigated data from nine crypto ATM providers, revealing that users over 50 years old account for nearly 72% of transaction value. This demographic appears particularly vulnerable to scams involving crypto ATMs. Thomas noted concerns about the high representation of 60- to 70-year-old users, many of whom are reportedly victims of fraud.
The Australian Federal Police (AFP) reported that between January 2024 and January 2025, the country’s cybercrime system, ReportCyber, received 150 unique scam reports related to crypto ATMs. These incidents led to losses exceeding 3.1 million Australian dollars ($2 million), with authorities warning this figure may underestimate the true scale.
AFP Commander Graeme Marshall emphasized that many scam victims remain unaware or embarrassed, hindering reporting efforts. He urged victims to share their experiences publicly to raise awareness and prevent further fraud.
Rapid Growth of Crypto ATMs in Australia
Crypto ATMs in Australia have been used much more frequently since late 2022. According to the statistics, the country comes in third position worldwide for crypto ATMs, with both the United States and Canada ahead. The Coin ATM Radar site reports that there are now 1,819 crypto ATMs in Australia, much more than the 67 that were there in August 2022.
Among the major operators are Localcoin with 753 machines, Coinflip with 700 and Bitcoin Depot with 182 ATMs in the country. These machines are found in petrol stations, convenience stores, shopping centres and food places. According to AUSTRAC, there are about 150,000 crypto ATM transactions in Australia each year. Nearly $275 million is withdrawn to buy Bitcoin and other cryptocurrencies. The scale of cash movement and increasing scam reports have driven AUSTRAC’s regulatory response.
Australia’s regulatory authorities have introduced new measures targeting crypto ATM transactions amid growing scam concerns. The imposed cash limits, monitoring obligations, and customer due diligence requirements seek to safeguard consumers, especially older users. As the crypto ATM market continues its rapid expansion, authorities remain vigilant in preventing criminal misuse.
