Australia’s national financial crime agency has introduced new operational regulations and transaction caps for cryptocurrency ATM operators, as federal police report an increase in scams linked to these kiosks.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has implemented a cash deposit and withdrawal limit of 5,000 Australian dollars ($3,250) for crypto ATMs, along with requirements for scam alert notifications, improved transaction surveillance, and stricter customer due diligence, according to a June 3 press release disseminated.
At present, these limits are applicable solely to providers of crypto ATMs; however, AUSTRAC anticipates that cryptocurrency exchanges in Australia will “consider applying similar limits if they allow cash transactions for crypto.”