Restrictions and new rules for crypto ATMs in Australia
Date: 2025-06-03 Author: Henry Casey Categories: IN WORLD
Australia has introduced a limit on transactions carried out through crypto ATMs, and updated requirements for their operators. Now owners of devices are required to place warnings on them about the risks of fraud with digital assets, strengthen customer identification, and carefully monitor transactions to identify suspicious transactions. These measures have become part of the overall strategy to combat money laundering (AML) and terrorist financing.
The initiator of the changes was the AUSTRAC agency, which, after a recent analysis, came to the conclusion that crypto ATMs are increasingly becoming a tool for defrauding elderly users. The regulator's working group collected data from nine companies servicing crypto ATMs and found that almost three-quarters of transactions in monetary terms are made by people over 50 years old. Moreover, almost a third of all transactions are made by citizens aged 60 to 70 years.
In light of these findings, AUSTRAC took action against Harro’s Empires, refusing to renew the company’s registration. According to the regulator, the company’s activities pose a potential threat — its crypto ATMs can be used for illegal purposes. The agency also warned that other digital exchange service operators who do not comply with AML regulations may face similar sanctions. Violations of the law can lead to serious consequences, including prosecution.
The growth in the number of crypto ATMs has caused concern among Australian authorities, and in April, AUSTRAC began a large-scale inspection of such devices across the country. And in May, the regulator fined the crypto exchange Cointree $75,000 for failing to file a suspicious activity report (SMR) on time.
Thus, Australia is demonstrating a tough approach to regulating the digital finance sector, especially in those segments where there is a high risk of vulnerable citizens being involved and financial crimes being committed.
