Australia’s financial crimes agency has introduced new restrictions on cryptocurrency ATMs to address increasing cases of fraud and scams.

The Australian Transaction Reports and Analysis Centre, known as Austrac, has placed a US$3,228 limit on cash deposits and withdrawals as part of new consumer protection measures, according to a statement released June 3, 2025.

Austrac has also declined to renew the registration of one crypto ATM provider.

The agency has mandated enhanced customer due diligence, mandatory scam warnings, and improved transaction monitoring.

Crypto ATMs in Australia have grown from 23 in 2019 to over 1,800, with older users making up most of the transactions.

Austrac urged crypto exchanges to adopt similar limits and warned users to be cautious when asked to use these machines.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Crypto ATMs follow a generational exploitation pattern

Australia’s crypto ATM problem reveals a troubling demographic targeting pattern that persists across multiple financial scams.

Data shows that customers aged 50 and older account for nearly 72% of all crypto ATM transactions by value, with those between 60-70 representing 29% of the total 1.

Most victims of crypto ATM scams are specifically women over the age of 51, with an average loss exceeding $20,000 per incident 2.

This demographic vulnerability is particularly concerning considering the explosive growth from just 23 crypto ATMs in 2019 to over 1,800 today, creating more opportunities for exploitation 1.

The targeting of older Australians mirrors patterns seen in traditional financial scams, where fraudsters deliberately target those who may be less familiar with newer technologies.

Investment scams remain the most common type of fraud reported in connection with these machines, often involving high-pressure tactics to convince victims to deposit cash 2.

2️⃣ Regulation consistently lags behind financial innovation