New Zealand Cracks Down: Crypto ATMs Face Ban in Anti-Money Laundering Blitz

Kiwi regulators just dropped the hammer on crypto's cash gateways.

The cold hard truth:
New Zealand's Financial Markets Authority (FMA) is pulling the plug on all cryptocurrency ATMs effective immediately. No phased rollout—just a clean sweep targeting the country's 17 operational kiosks.

Behind the curtain:
Officials claim the move 'closes a critical loophole' in anti-money laundering (AML) protocols. Critics counter that brick-and-mortar exchanges—where most laundering actually occurs—get a free pass. Typical.

The fallout:
Local crypto advocates are fuming. 'This isn't compliance—it's performative theater,' argues Blockchain Association NZ chair Mitchell Pham. Meanwhile, TradFi banks quietly pop champagne corks over reduced competition for retail transactions.

Zoom out:
The ban mirrors similar crackdowns in Canada and parts of Europe. But here's the kicker—New Zealand's entire crypto ATM volume last quarter? A measly $5.2 million. Guess someone needed an easy 'win' before election season.