Australia Cracks Down on Crypto ATM Scams with New Limits
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To combat a rise in fraud, Australia has introduced strict new rules for crypto ATMs, including a $3,250 daily transaction limit and mandatory scam warnings.
The regulations, enforced by AUSTRAC, also require operators to strengthen monitoring and customer verification.
While the rules currently apply only to crypto ATM providers, AUSTRAC suggested that exchanges handling cash transactions should consider similar restrictions.
“These measures are essential to protect consumers and prevent criminal misuse,” said AUSTRAC CEO Brendan Thomas, adding that the agency will monitor their effectiveness and adjust as needed.
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