Australia Cracks Down on Crypto ATMs: $3,250 Limit Introduced 🚫💸
🏧 New Cap on Crypto ATM Transactions
Australia’s financial watchdog AUSTRAC has announced a $3,250 USD limit on cash deposits and withdrawals at crypto ATMs to combat rising scams and fraud. This move comes as part of a broader push to protect consumers and ensure compliance across the rapidly growing crypto sector. 🔒🛡️
⚠️ Why the Limit?
Crypto ATMs have exploded in popularity — from just 23 machines in 2019 to over 1,800 today — making Australia the third-largest crypto ATM market after the U.S. and Canada. However, this surge has also made them a target for scammers, especially those exploiting vulnerable users through romance, fake investments, and remote-access fraud. 💔📉
👴 AUSTRAC found that over 72% of the money flowing through these machines comes from users aged 50 and above.
🔍 Tougher Rules, Stronger Protection
Alongside the transaction cap, AUSTRAC is rolling out stricter compliance measures, including:
✅ Stronger identity checks (KYC)
⚠️ Mandatory scam warnings on ATM screens
📊 Enhanced transaction monitoring
❌ Revoking licenses for non-compliant operators
One ATM operator has already been permanently banned for failing to meet AML (Anti-Money Laundering) standards. 🚫🏦
🛡️ New Task Force on Watch
AUSTRAC has launched a dedicated task force to monitor crypto ATM providers. Since late 2024, it has conducted site visits, business evaluations, and compliance outreach — warning that non-compliant services will face shutdown. 🕵️♂️📋
🌍 Leading Global Example
Australia’s bold step could become a model for other nations. With regulators worldwide watching closely, the aim is to balance crypto innovation with public protection. 🌐⚖️
🚨 Reminder: If someone asks you to use a crypto ATM for payments, it’s a red flag for a scam. Stay alert. Stay safe. 🛑💡
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