Australia Enforces $5K Limit on Crypto ATMs as Scams Increase

Australia has implemented new restrictions on cryptocurrency ATMs, including a $5,000 AUD ($3,250) cap on cash transactions, as authorities report a spike in fraudulent activity.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced the rules today, which also mandate scam alerts and stricter customer checks.

While the measures currently apply only to ATM operators, the agency urged crypto exchanges to consider similar limits for cash transactions.

AUSTRAC CEO Brendan Thomas said the regulations are designed to curb criminal activity and protect users, with further adjustments possible based on effectiveness.