Australia Tightens Rules for Crypto ATMs Amidst Rise in Scams

Australia’s national financial intelligence agency, AUSTRAC, has implemented stricter regulations for crypto ATM operators. The new rules introduce transaction limits and enhanced customer due diligence measures, aiming to curb the rising number of scams associated with these kiosks. 5,000 AUD ($3,250) limits are now in place for cash deposits and withdrawals on crypto ATMs. The agency also urges cryptocurrency exchanges operating within Australia to consider similar transaction limitations if they accept cash for crypto transactions.