Crypto ATM Scams Soar—AUSTRAC Slaps $5K Limit on Cash Use

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Crypto ATM Scams Soar—AUSTRAC Slaps $5,000 Limit on Cash Use

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 03, 2025

Key Takeaways

AUSTRAC has set a 5,000 Australian dollar cap on crypto ATM transactions to curb growing scam activity;
Most crypto ATM transactions involve users over 50, with many victims aged 60–70;
Over 3.1 million Australian dollars was lost in crypto ATM scams in one year, with 150 incidents reported to the AFP.

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Crypto ATM Scams Soar—AUSTRAC Slaps $5,000 Limit on Cash Use

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The Australian Transaction Reports and Analysis Centre (AUSTRAC) has introduced new rules for crypto ATM operators in response to a rise in scam activity.

These rules include a transaction limit of 5,000 Australian dollars (around 3,250 US dollars) for both cash deposits and withdrawals, according to a statement published on June 2.

Operators must also display clear scam warnings, monitor transactions more closely, and perform additional identity checks when needed.

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Although these measures currently apply only to crypto ATM providers, AUSTRAC is encouraging cryptocurrency exchanges that accept cash to adopt similar limits. The agency said it will continue reviewing the impact of these rules and make changes if necessary.

AUSTRAC’s CEO, Brendan Thomas, explained that the aim is to reduce criminal misuse of these machines and ensure the industry meets basic security standards.

The new regulations follow an investigation into nine crypto ATM providers, which revealed that people over the age of 50 account for nearly 72% of the total value of transactions. Many of the victims, especially those between 60 and 70 years old, were targeted by scams.

Between January 2024 and January 2025, the Australian Federal Police (AFP) received 150 reports of scams involving crypto kiosks through its online reporting tool. In a June 3 statement, the AFP stated that the total losses from these cases were estimated at over 3.1 million Australian dollars.

Recently, AUSTRAC fined Cointree, a crypto exchange based in Melbourne. What happened? Read the full story.