Australia’s national financial intelligence agency has introduced new rules concerning cryptocurrency ATMs, which include setting cash deposit and withdrawal limits of AU$5,000 (around US$3,250).
Restrictions on Crypto ATM Operators
In an announcement today (Tuesday), the Australian Transaction Reports and Analysis Centre (AUSTRAC) explained that there will be enhanced customer due diligence requirements, mandatory scam warnings, and obligations for stronger transaction monitoring.
While AUSTRAC’s rules only apply to crypto ATM operators, it also expects local digital currency exchanges to consider adopting similar limits if they accept cash for crypto transactions.
You may also like: 427 Crypto Exchanges Registered in Australia, But Regulator Says Most Are Inactive
The new conditions follow concerns raised by the regulator over crypto ATM compliance. AUSTRAC had previously set up an internal task force to target cryptocurrency ATMs that were not complying with anti-money laundering rules.
The agency found that people aged between 60 and 70 were the most frequent users of crypto ATMs in the country.
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,” said AUSTRAC’s CEO, Brendan Thomas.
A Massive Market for Crypto ATMs
Crypto ATMs work similarly to regular ATMs but facilitate exchanges between cash and cryptocurrency. These transactions often carry high fees.
According to AUSTRAC, the number of crypto ATMs in Australia has increased more than fifteenfold in two years—from just 23 in 2019, to 60 in 2022, and over 1,200 in 2024. There are now more than 1,800 active crypto ATMs operating across the country.
Data from Coin ATM Radar also shows that Australia ranks as the third-largest country by number of crypto ATM installations. Localcoin is the leading provider, operating 753 ATMs, followed 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 further estimated that nearly 150,000 transactions are made annually through these machines, moving around AU$275 million. The vast majority of those—about 99 per cent—are cash deposits used to purchase 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 agency has introduced new rules concerning cryptocurrency ATMs, which include setting cash deposit and withdrawal limits of AU$5,000 (around US$3,250).
Restrictions on Crypto ATM Operators
In an announcement today (Tuesday), the Australian Transaction Reports and Analysis Centre (AUSTRAC) explained that there will be enhanced customer due diligence requirements, mandatory scam warnings, and obligations for stronger transaction monitoring.
While AUSTRAC’s rules only apply to crypto ATM operators, it also expects local digital currency exchanges to consider adopting similar limits if they accept cash for crypto transactions.
You may also like: 427 Crypto Exchanges Registered in Australia, But Regulator Says Most Are Inactive
The new conditions follow concerns raised by the regulator over crypto ATM compliance. AUSTRAC had previously set up an internal task force to target cryptocurrency ATMs that were not complying with anti-money laundering rules.
The agency found that people aged between 60 and 70 were the most frequent users of crypto ATMs in the country.
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,” said AUSTRAC’s CEO, Brendan Thomas.
A Massive Market for Crypto ATMs
Crypto ATMs work similarly to regular ATMs but facilitate exchanges between cash and cryptocurrency. These transactions often carry high fees.
According to AUSTRAC, the number of crypto ATMs in Australia has increased more than fifteenfold in two years—from just 23 in 2019, to 60 in 2022, and over 1,200 in 2024. There are now more than 1,800 active crypto ATMs operating across the country.
Data from Coin ATM Radar also shows that Australia ranks as the third-largest country by number of crypto ATM installations. Localcoin is the leading provider, operating 753 ATMs, followed 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 further estimated that nearly 150,000 transactions are made annually through these machines, moving around AU$275 million. The vast majority of those—about 99 per cent—are cash deposits used to purchase 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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