Australia Caps Crypto ATM Transactions at A$5,000

Jimmy Aki
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On June 3, Australia’s financial intelligence agency, AUSTRAC, introduced an A$5,000 ($3,250) cash limit for crypto ATM transactions to tackle fraud. The new rule requires stricter identity checks, real-time transaction monitoring, and the issuance of mandatory scam warnings at machines.

Are Older Australians the Main Targets of Crypto ATM Scams?

According to an official press release, the move follows a 2024 government review that exposed crypto ATM operators’ weak compliance with anti-money laundering (AML) laws. Investigators found that fraudsters were exploiting lax oversight, particularly targeting older Australians.

Data from AUSTRAC’s task force revealed that 72% of high-value crypto ATM transactions involved people over 50. Many victims, aged 60 to 70, deposited cash to buy Bitcoin or Ethereum after being tricked by scammers posing as government officials, tech support, or even fake romantic partners.

Because these victims often lacked digital literacy, they were more likely to follow fraudulent instructions without questioning them. As a result, many lost life savings before realizing they had been scammed.

AUSTRAC CEO Brendan Thomas explained that this overrepresentation of older users raised serious red flags.

The Australian Federal Police (AFP) supported AUSTRAC’s findings with their data.

The Australian Federal Police (AFP) confirmed AUSTRAC’s findings, reporting 150 crypto ATM fraud cases between January 2024 and 2025, resulting in a total loss of A$3.1 million. However, authorities believe the actual number is much higher, as many victims avoid reporting due to shame or confusion.

Since Australia processes approximately 150,000 crypto ATM transactions annually, worth roughly A$275 million, the new cash limit aims to reduce anonymity and make scams more difficult
to execute.

Australia isn’t alone in this fight. In May 2024, Arizona passed a law capping daily crypto ATM withdrawals at $2,000 for new users and $10,500 for returning users who have transacted for more than ten days.

Operators must also post scam alerts in multiple languages, issue detailed receipts, and offer 24/7 customer support.

Australia Regulators Collaborate on Anti-Fraud Push

Beyond ATM limits, regulators are taking stronger action against crypto fraud. Last month, AUSTRAC demanded that dormant registered crypto exchanges either withdraw their registration or face cancellation.

The fear is that inactive platforms could become tools for money laundering or crypto fraud.

The Australian Securities and Investments Commission (ASIC) is also stepping in. It recently shut down 95 companies linked to various crypto frauds. This includes the use of stolen or fake identities.

ASIC also sued Liang Guo, a former executive of Blockchain Global, accusing him of mismanaging A$20 million in customer funds from the failed ACX Exchange.

From cash limits at crypto ATMs to court battles with rogue exchange operators, Australian regulators are sending a clear message: crypto fraud won’t be tolerated.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.