Crypto ATM operators in Australia hit with cash limits and tougher compliance checks
Australia has introduced new operating conditions and cash transaction limitations for crypto ATM providers to curb scams and boost anti-money laundering compliance. In a June 3 press release, the Australian Transaction Reports and Analysis Centre (AUSTRAC) specified that crypto ATM operators need to now implement a cash deposit and withdrawal cap of 5,000 Australian dollars (roughly $3,250). The current money limitation applies only to crypto ATM companies, AUSTRAC urged all exchanges accepting cash to consider adopting similar limits to minimize exposure to financial criminal activity risks. The announcement follows AUSTRAC’s warnings earlier this year, when it cautioned crypto ATM providers that non-compliance with AML/CTF rules would lead to legal action.
