AUSTRAC Tightens Controls on Cryptocurrency ATMs: 5,000 AUD Daily Withdrawals Limit

The Australian government’s financial intelligence agency, AUSTRAC, has implemented new regulations for cryptocurrency ATMs to curb potential misuse. A daily withdrawal limit of A$5,000 will apply, following concerns over the potential for these machines to be exploited for illegal activities and compliance breaches. 60-70 year-olds, who comprise 29% of ATM transactions, have been identified as especially vulnerable due to a lack of awareness regarding cryptocurrency scams.