Ah, Australia—land of kangaroos, koalas, and, now, crypto ATMs that might just empty your pockets faster than a croc at a BBQ. The Australian government, after taking a long, hard look at the rising scams plaguing these machines, has decided to roll out some new rules. It’s like they just realized that crypto ATMs aren’t handing out free lollipops.
In a grand move that would make any financial wizard proud, AUSTRAC (the Australian Transaction Reports and Analysis Centre) has placed a 5,000 Australian dollar ($3,250) limit on cash deposits and withdrawals for crypto ATM operators. Not just that—warning signs, enhanced transaction monitoring, and extra scrutiny of customers are now on the list. All this was carefully laid out in a June 3 press release, which you can bet was shared with CryptoMoon, because who doesn’t want to know about crypto scandals?
Currently, these limits are aimed at crypto ATM providers, but the whispers in the wind say that AUSTRAC might nudge crypto exchanges to impose similar limits if they accept cash for crypto transactions. Because who wouldn’t want to slap a few rules on a market that’s been living the wild west life for far too long?
Brendan Thomas, the CEO of AUSTRAC, made it clear that these rules aren’t set in stone. It’s a “work in progress,” like a half-baked cake waiting for frosting. The conditions will be under review, and adjustments will be made. A bit like fixing a leaky boat while it’s still sailing. But it’s all in the name of protecting the good people from scammers, of course. Can’t let those criminal masterminds hijack our crypto ATMs, right?
“We’re doing this to protect individuals from scams and to prevent businesses from being taken for a ride. If criminals are hoping for a payday from crypto ATMs, well, we’re here to spoil their fun,” Thomas said, possibly wearing a superhero cape.
Why the sudden urgency? Well, an investigation by AUSTRAC found that most crypto ATM users are over 50—old enough to know better, but apparently not when it comes to crypto. These senior citizens account for nearly 72% of all crypto ATM transactions by value. Surprise, surprise! It turns out that older folks might not be the best suited to navigate the wild world of cryptocurrencies.
The task force was created in September to check whether crypto ATMs had the necessary Anti-Money Laundering and counter-terrorism checks. Spoiler alert: they didn’t, and the elderly were the biggest targets of this mess. AUSTRAC is concerned that people over 60, apparently entranced by the glitter of Bitcoin, Ether, and Tether, are falling victim to scams left, right, and center.
According to AUSTRAC’s data, a whopping $275 million is flowing through crypto ATMs annually. If that doesn’t make you pause, I don’t know what will. This is a wild market, and not in a good way.
Millions Lost to Crypto ATM Scams: Is This Just the Beginning? 🧐
The Australian Federal Police (AFP) chimed in on June 3, reporting that the country’s online cybercrime system, ReportCyber, received 150 unique reports of crypto ATM scams between January 2024 and January 2025. The total losses? Over 3.1 million Australian dollars ($2 million). But don’t pop the champagne just yet, because they’re calling this the “tip of the iceberg.” 🧊
AFP Commander Graeme Marshall raised an important point—many victims don’t even realize they’ve been scammed until it’s too late, or they’re too embarrassed to come forward. Classic case of “too good to be true” meets “I should’ve known better.”
“Scammers use fancy tactics to reel people in. Don’t be shy about sharing your experience,” Marshall suggested. It’s like your grandma warning you not to answer unknown numbers on your cell phone—solid advice we all should’ve listened to sooner.
Australia was a bit slow to hop on the crypto ATM bandwagon, but by the end of 2022, private firms came charging in like it was Black Friday. The country now ranks as the third-largest hub for crypto ATMs, with 1,819 of them, compared to a mere 67 in August 2022. Growth like that probably deserves a round of applause… or maybe a slap on the wrist.
The leading crypto ATM providers in Australia include Localcoin with 753 ATMs, Coinflip with 700, and Bitcoin Depot with 182. They’re basically running the show, and if they’re not careful, they might just get a visit from AUSTRAC themselves. Just saying.
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2025-06-03 05:31