Australia Imposes AU$5,000 Limit on Crypto ATM | Crypto Work Pro
Australia’s national financial intelligence company has launched new guidelines regarding cryptocurrency ATMs, which embody setting money deposit and withdrawal limits of AU$5,000 (round US$3,250).
Restrictions on Crypto ATM Operators
In an announcement right now (Tuesday), the Australian Transaction Reports and Analysis Centre (AUSTRAC) defined that there will likely be enhanced buyer due diligence necessities, necessary rip-off warnings, and obligations for stronger transaction monitoring.
While AUSTRAC’s guidelines solely apply to crypto ATM operators, it additionally expects native digital currency exchanges to think about adopting comparable limits in the event that they settle for money for crypto transactions.
You may like: 427 Crypto Exchanges Registered in Australia, But Regulator Says Most Are Inactive
The new circumstances comply with issues raised by the regulator over crypto ATM compliance. AUSTRAC had beforehand set up an inside process drive to focus on cryptocurrency ATMs that weren’t complying with anti-money laundering guidelines.
The company discovered that people aged between 60 and 70 had been probably the most frequent customers of crypto ATMs within the nation.
Brendan Thomas, AUSTRAC’s CEO (Photo: LinkedIn)
“It is a huge concern that people in this demographic are overrepresented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60–70-year-old users are victims of scam activity,” stated AUSTRAC’s CEO, Brendan Thomas.
A Massive Market for Crypto ATMs
Crypto ATMs work equally to common ATMs however facilitate exchanges between money and cryptocurrency. These transactions usually carry high charges.
According to AUSTRAC, the quantity of crypto ATMs in Australia has elevated more than fifteenfold in two years—from simply 23 in 2019, to 60 in 2022, and over 1,200 in 2024. There are actually more than 1,800 lively crypto ATMs working throughout the nation.
Data from Coin ATM Radar additionally reveals that Australia ranks because the third-largest nation by quantity of crypto ATM installations. Localcoin is the main supplier, working 753 ATMs, adopted by Coinflip with 700 and Bitcoin Depot with 182.
Read more: Aussie Agency Investigates Over 50 Remittance and Crypto Exchanges for Reporting Breaches
The regulator additional estimated that almost 150,000 transactions are made yearly by way of these machines, transferring round AU$275 million. The overwhelming majority of these—about 99 per cent—are money deposits used to buy cryptocurrencies, primarily Bitcoin, Tether, and Ethereum.
“Crypto can be a high-risk investment, but people who consider and are willing to accept those risks may find it a convenient option,” Thomas added. “AUSTRAC will continue to monitor this space and take further action where we see harm occurring.”
Australia’s national financial intelligence company has launched new guidelines regarding cryptocurrency ATMs, which embody setting money deposit and withdrawal limits of AU$5,000 (round US$3,250).
Restrictions on Crypto ATM Operators
In an announcement right now (Tuesday), the Australian Transaction Reports and Analysis Centre (AUSTRAC) defined that there will likely be enhanced buyer due diligence necessities, necessary rip-off warnings, and obligations for stronger transaction monitoring.
While AUSTRAC’s guidelines solely apply to crypto ATM operators, it additionally expects native digital currency exchanges to think about adopting comparable limits in the event that they settle for money for crypto transactions.
You may like: 427 Crypto Exchanges Registered in Australia, But Regulator Says Most Are Inactive
The new circumstances comply with issues raised by the regulator over crypto ATM compliance. AUSTRAC had beforehand set up an inside process drive to focus on cryptocurrency ATMs that weren’t complying with anti-money laundering guidelines.
The company discovered that people aged between 60 and 70 had been probably the most frequent customers of crypto ATMs within the nation.
Brendan Thomas, AUSTRAC’s CEO (Photo: LinkedIn)
“It is a huge concern that people in this demographic are overrepresented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60–70-year-old users are victims of scam activity,” stated AUSTRAC’s CEO, Brendan Thomas.
A Massive Market for Crypto ATMs
Crypto ATMs work equally to common ATMs however facilitate exchanges between money and cryptocurrency. These transactions usually carry high charges.
According to AUSTRAC, the quantity of crypto ATMs in Australia has elevated more than fifteenfold in two years—from simply 23 in 2019, to 60 in 2022, and over 1,200 in 2024. There are actually more than 1,800 lively crypto ATMs working throughout the nation.
Data from Coin ATM Radar additionally reveals that Australia ranks because the third-largest nation by quantity of crypto ATM installations. Localcoin is the main supplier, working 753 ATMs, adopted by Coinflip with 700 and Bitcoin Depot with 182.
Read more: Aussie Agency Investigates Over 50 Remittance and Crypto Exchanges for Reporting Breaches
The regulator additional estimated that almost 150,000 transactions are made yearly by way of these machines, transferring round AU$275 million. The overwhelming majority of these—about 99 per cent—are money deposits used to buy cryptocurrencies, primarily Bitcoin, Tether, and Ethereum.
“Crypto can be a high-risk investment, but people who consider and are willing to accept those risks may find it a convenient option,” Thomas added. “AUSTRAC will continue to monitor this space and take further action where we see harm occurring.”
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