Australia sets annual transaction limit for cryptocurrency ATMs at $5,000 AUD, following scams causing over $3 million in losses in a year

PANews reported on June 3 that Australia's financial intelligence agency AUSTRAC announced new regulations on June 3, setting a cash deposit and withdrawal limit of $5,000 AUD (approximately $3,250) for cryptocurrency ATMs, and strengthening customer due diligence and transaction monitoring. The new regulations aim to combat scams related to cryptocurrency ATMs, especially targeting older users.

According to AFP, from January 2024 to January 2025, Australia's cybercrime reporting platform ReportCyber received 150 reports of scams involving cryptocurrency ATMs, with total losses reaching $3.1076 million, averaging over $20,000 per case, and nearly half of the victims were over the age of 51. The main types of scams include investment scams, ransom emails, and 'pig butchering' scams. The data indicates that the annual trading volume of crypto ATMs reaches $275 million, and the actual losses related to these scams may be severely underestimated. Police warn that once a transfer is made, it is nearly impossible to recover, and urge the public to remain vigilant.