Australia Imposes AU$5,000 Limit on Crypto ATM Transactions

Australia’s financial intelligence agency, AUSTRAC, has introduced stringent new regulations for cryptocurrency ATMs, capping cash transactions at AU$5,000 (approximately US$3,250). The rules mandate enhanced due diligence, scam warnings, and robust transaction monitoring for operators.

Elderly users aged 60-70 are disproportionately affected, with AUSTRAC citing high scam victimization rates in this demographic. The agency has formed a task force to enforce anti-money laundering compliance, signaling a broader crackdown on cash-to-crypto exchanges.

While the measures currently target ATM operators, AUSTRAC expects digital currency exchanges to voluntarily adopt similar limits. The move comes as Australia grapples with balancing innovation and consumer protection in its burgeoning crypto market.