Australia's national financial intelligence agency, AUSTRAC, has implemented new regulations for crypto ATMs in response to a rise in scams. The Australian Federal Police reported scam losses through these ATMs exceeded 3.1 million Australian dollars ($2 million) in a year, suggesting this might be just a fraction of the true total. The new rules impose a limit of 5,000 Australian dollars ($3,250) on cash deposits and withdrawals at crypto ATMs, alongside requirements for improved transaction monitoring and customer due diligence. This regulatory action follows an AUSTRAC investigation revealing a significant demographic using these ATMs is over 50, which correlates with a high rate of scam incidents. AUSTRAC emphasized the need to protect both individuals and businesses from criminal exploitation. The agency noted that many victims do not realize they are being scammed, often feeling embarrassed. With nearly 150,000 crypto ATM transactions in Australia annually and a rapid increase in the number of ATMs from 67 in August 2022 to 1,819 currently, these measures aim to bolster safeguards against fraud.

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