New Zealand Moves to Ban Crypto ATMs in AML Crackdown

New Zealand's government is targeting cryptocurrency ATMs as part of a sweeping anti-money laundering overhaul. Associate Justice Minister Nicole McKee announced plans to eliminate the machines, which authorities view as a conduit for converting cash into high-risk digital assets.

The proposed measures include a NZ$5,000 ($3,000) cap on international cash transfers and enhanced enforcement powers for regulators. "This approach delivers clarity for businesses while preventing criminal abuse of the financial system," McKee stated during Wednesday's announcement.

Crypto ATMs, numbering over 38,000 globally, face increasing scrutiny worldwide. Australia recently implemented similar restrictions, reflecting growing regulatory concerns about the anonymity these machines provide. The technology enables instant cash-to-crypto conversions without traditional financial intermediaries.