Australia has implemented new rules for cryptocurrency ATM operators as scams targeting these kiosks rise. The Australian Transaction Reports and Analysis Centre (AUSTRAC) introduced operational limits, requiring cash deposits and withdrawals to be capped at $5,000 AUD ($3,250). These regulations include mandatory warning signs about scams, enhanced transaction monitoring, and stricter customer verification procedures. These measures were announced in a press release on June 3rd, with the aim of protecting individuals from fraudulent activity. While these limits currently apply only to ATM providers, AUSTRAC anticipates that cryptocurrency exchanges may follow suit if they offer cash-in/cash-out services for crypto transactions. AUSTRAC CEO Brendan Thomas emphasized the temporary nature of these rules and their potential adjustments based on ongoing reviews and analysis. The agency is collaborating with law enforcement agencies and ATM operators to investigate any suspicious activity. Thomas stated that the measures aim to deter criminals from exploiting ATMs and safeguard businesses from exploitation. A recent investigation by AUSTRAC found a concerning trend: most users are over 50 years old, representing nearly 72% of all transactions in terms of value. This trend has prompted concerns about potential vulnerability as many individuals aged 60-70 were victims of scams targeting crypto ATMs. These initiatives follow an investigation led by the Australian Federal Police (AFP), which revealed a significant spike in scam reports involving cryptocurrency ATMs, with over 150 unique reports between January 2024 and January 2025, leading to losses exceeding $2 million AUD. The AFP also emphasized how many victims remain unaware of being scammed, unsure how to report it, or experiencing embarrassment regarding the incident. To raise awareness, the AFP encourages individuals to share their experiences and prevent future scams. While the Australian crypto ATM market started slowly but gained significant traction towards late 2022, fueled by private companies’ entrance into the space, it has since become a major player in the cryptocurrency landscape. The country currently boasts the third-largest hub for crypto ATMs globally, with over 1,800 machines available, according to Coin ATM Radar data. Leading providers include Localcoin (753 ATMs), Coinflip (700 ATMs), and Bitcoin Depot (182 ATMs). #Bitcoin