The post Australia Limits Crypto ATM Use Amid Rising Scam Cases appeared on BitcoinEthereumNews.com.

Australia caps crypto ATM cash transactions at $5K to avoid scamming. Over $3.1 million lost to crypto ATM fraud in 2024, per AFP. Older Australians, especially those over 50, are primary scam targets. Strict rules have been put in place for crypto ATMs in Australia because of a rise in crypto scams. On June 3, 2025, new regulations were put in place by the Australian Transaction Reports and Analysis Centre (AUSTRAC). One of these regulations is a $5,000 cap on cash deposits and withdrawals. These rules are put in place to deal with fraud that is mainly affects older Australians. New Crypto ATM Regulations The new rules from AUSTRAC require a maximum cap of $5,000 on cash transactions done through crypto ATMs across the country. Extra customer verification, displaying scam warnings and improved monitoring of transactions are necessary for operators. They try to lower the chance of being victimized by fraud or money laundering.It is recommended by AUSTRAC that cryptocurrency exchanges that deal in cash implement such restrictions voluntarily. The rules are put in place due to a taskforce report that found severe scamming. During this period, the Australian Federal Police (AFP) found 150 cases linked to scams using crypto ATMs and the amount lost was more than $3.1 million. Some analysts think that there are more cases than those that are officially recognized. In his words, “These controls help prevent individuals from falling for scams and businesses from being targeted by criminals,” said AUSTRAC CEO Brendan Thomas. It said that the rules will be evaluated and updated depending on how well they work. Vulnerable Demographics Targeted People in their 60s and 70s make up a disproportionate share of the victims of crypto ATM scams in Australia.Older people who use crypto make up more than three-quarters of all trading volume,…

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Filed under: News - @ June 4, 2025 4:20 am