New Rules Hit Australian Crypto ATMs After Scam Losses
AUSTRAC imposed brand-new limitations on crypto ATM operators, capping cash transactions at 5,000 AUD and mandating tighter due diligence.
While the limitations presently just apply to crypto ATM suppliers, AUSTRAC is encouraging crypto exchanges that accept money to consider adopting the same limitations. Crypto ATMs in Australia (Source: Coin ATM Radar) Australia experienced a surge in crypto ATM installations since late 2022, growing from just 67 in August of that year to 1,819 today. Singapore Orders Crypto Firms to Halt Overseas Services Countries like Singapore are also cracking down on illegal crypto activity.
AUSTRAC Cracks Down on Crypto ATM Fraud Australia’s national financial intelligence agency, AUSTRAC, implemented new regulations aimed at curbing the rising number of scams involving cryptocurrency ATMs. As of June 3, crypto ATM operators need to adhere to a cash transaction cap of 5,000 Australian dollars (approximately $3,250), alongside improved client due diligence measures, better fraud awareness displays, and more robust transaction monitoring procedures. While the limitations presently only apply to crypto ATM providers, AUSTRAC is encouraging crypto exchanges that accept cash to consider adopting the same limitations. Crypto ATMs in Australia (Source: Coin ATM Radar) Australia experienced a rise in crypto ATM installations since late 2022, growing from just 67 in August of that year to 1,819 today. Singapore Orders Crypto Firms to Halt Overseas Services Countries like Singapore are also cracking down on illegal crypto activity.
