Australia Strengthens Crypto ATM Regulations to Combat Fraud

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In response to a surge in scams, Australia’s financial intelligence agency, AUSTRAC, has imposed new operational requirements for cryptocurrency ATMs.

The measures include a $5,000 AUD cap on cash deposits and withdrawals, enhanced fraud warnings, and stricter identity verification processes.

The agency’s June 3 announcement highlighted that while the rules currently target crypto ATM providers, it expects digital asset exchanges to follow suit if they accept cash for crypto transactions.

AUSTRAC CEO Brendan Thomas noted that the regulations are flexible and may be refined as needed. The goal, he said, is to protect consumers from fraud while preventing criminals from exploiting crypto ATMs.