New Zealand Cracks Down on Crypto ATMs and International Cash Transfers

New Zealand has moved to ban cryptocurrency ATMs and impose strict limits on international cash transfers as part of sweeping anti-money laundering reforms. Associate Justice Minister Nicole McKee announced the measures, targeting criminal exploitation of cash-to-crypto conversion channels. The cabinet-approved legislation strengthens enforcement powers for financial regulators while establishing a new sanctions oversight regime.

A $5,000 cap on international cash transactions aims to disrupt offshore fund movements by organized crime. This contrasts sharply with global crypto ATM growth—current data shows 38,537 machines operational across 67 countries, supported by 349 operators. New Zealand's restrictive approach buckles the worldwide expansion of crypto infrastructure even as jurisdictions elsewhere embrace digital asset accessibility.

The reforms expand financial intelligence capabilities, granting authorities broader access to bank transaction data. These developments signal growing regulatory scrutiny of cash-crypto onramps, potentially influencing other nations weighing AML safeguards against cryptocurrency adoption.