Australia is tightening its grip on cryptocurrency ATMs in response to a surge in scams targeting older citizens. The Australian Transaction Reports and Analysis Centre (AUSTRAC) has introduced an AU$ $5,000 (approximately US$3,250) limit on cash deposits and withdrawals at crypto ATMs. This move aims to curb the misuse of these machines, which have become a conduit for illicit activities.
The decision follows an AUSTRAC investigation revealing that individuals over 50 years old account for nearly 72% of crypto ATM transactions by value. Alarmingly, many in the 60–70 age bracket have fallen victim to sophisticated scams, often orchestrated by criminals directing them to use these ATMs. In a 12-month period, over AU$3.1 million was lost to such scams, a figure authorities believe is just the “tip of the iceberg.”
Source: Coin ATM Radar
The proliferation of crypto ATMs in Australia has been rapid, with numbers skyrocketing from 67 in August 2022 to 1,819 by June 2025, making Australia the third-largest market globally. This growth, while indicative of increasing cryptocurrency adoption, has also raised concerns about the potential for these machines to facilitate money laundering and fraud.
Source: Coin ATM Radar
AUSTRAC’s new regulations also mandate enhanced transaction monitoring and customer due diligence. While these measures currently apply to crypto ATM providers, AUSTRAC encourages all crypto exchanges accepting cash to consider similar limits. The agency emphasizes that these rules are subject to review and will be adjusted as necessary to combat criminal exploitation effectively.
