Australia’s monetary watchdog and federal police are warning that scams utilizing crypto ATMs are draining wallets throughout the nation.
Between January 2024 and January 2025, 150 folks filed distinctive studies with ReportCyber about crypto ATM scams, and people losses topped A$3.1 million (about US$2 million). Many older Australians are being focused, and regulators are scrambling to place safer guidelines in place.
Operators Face New Transaction Caps
In keeping with the Australian Transaction Experiences and Evaluation Centre (AUSTRAC), a brand new rule now limits money deposits and withdrawals at crypto ATMs to A$5,000 (round US$3,250). Operators should additionally put up clear rip-off warning indicators, maintain a better eye on each transaction, and step up checks on clients.
Picture: AML Intelligence
These measures started on June 3. Proper now, they solely apply to ATM suppliers, however AUSTRAC says crypto exchanges ought to take into consideration doing the identical in the event that they let folks use money to purchase crypto.
AUSTRAC CEO Brendan Thomas talked about that these situations will probably be watched intently and will change in the event that they aren’t working as deliberate.
Seniors At Greater Danger
Based mostly on studies from AUSTRAC’s activity power, most individuals who use money to purchase crypto at ATMs are over 50, and about 72% of all transaction worth comes from this older age group.
It’s an enormous fear as a result of many of their 60s and 70s find yourself as victims of scams. Scammers typically inform them to ship cash to a crypto ATM to “prove” an funding or to get better stolen funds.
Many victims don’t even understand they’ve been scammed till it’s too late. That’s partly why AUSTRAC needs stronger “know your customer” checks proper on the kiosk.
Public Reporting Stays Low
AFP Commander Graeme Marshall says that lots of people who lose cash don’t report it. Generally they really feel too embarrassed. Different occasions, they simply don’t know get assist. Marshall inspired anybody who has been scammed to inform their household and pals about it.
Folks must share what occurred so others gained’t fall into the identical lure. Proper now, with 150 studies logged over 12 months, the Australian Federal Police (AFP) thinks these numbers are simply scratching the floor. They consider many extra scams are occurring with out being recorded.
Picture: MakeUseOf
Rising Quantity Of ATMs
Australia used to have only a few crypto ATMs—simply 67 in August 2022. However by June 2025, that quantity had exploded to just about 1,820. That makes Australia the third-largest marketplace for these machines on this planet.
In a single 12 months, virtually 150,000 cash-based transactions went by, shifting roughly A$275 million (about US$178 million) into Bitcoin, Ether, and varied stablecoins. Non-public corporations like Localcoin (753 machines), Coinflip (700), and Bitcoin Depot (182) lead the pack.
With extra ATMs popping up, there’s extra likelihood for scammers to trick folks, particularly if operators aren’t watching intently.
Featured picture from Gemini, chart from TradingView
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