Australia’s financial crime regulator, AUSTRAC, has placed fresh rules on nationwide crypto ATM operators amid alarming crypto fraud cases.
“The conditions come after an AUSTRAC taskforce flagged worrying trends in crypto ATM compliance,” the announcement read. “In light of the risks and harms we consider it is absolutely necessary to ensure the sector meets minimum standards and reduces the criminal misuse of crypto ATMs.”
The national financial intelligence agency noted that Australia had only 23 operating crypto ATMs in 2019. Besides, the trend increased to 60 in 2022 and over 1,200 in 2024. “In just two years, the number of crypto ATMs in Australia increased more than 15 times,” the agency said.
Per Coin ATM Radar, there are around 1,824 crypto ATMs across Australia, with the highest number of machines in Sydney.
“Surprisingly, the 60 to 70 age group were identified as the one of the most prolific users of crypto ATMs in Australia,” he said. They account for 29% of all transactions by value.
According to Thomas, the Austrac taskforce has uncovered “disturbing trends,” after observing customer activity for several months.
Though the A$5,000 cash limits apply to crypto ATM operators, Austrac is also planning to apply similar limits to crypto exchanges if they accept cash for crypto transactions.
“This will reduce their exposure to money laundering, terrorism financing and other serious crime risks,” said Thomas.
Besides, after reviewing 9 crypto kiosk providers, the majority of users are over 50 years of age and account for almost 72% of all transactions by value.