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 reviews 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 line 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, hold a better eye on each transaction, and step up checks on prospects.
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 circumstances can be watched intently and will change in the event that they aren’t working as deliberate.
Seniors At Greater Threat
Based mostly on reviews from AUSTRAC’s process 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 “show” an funding or to recuperate stolen funds.
Many victims don’t even understand they’ve been scammed till it’s too late. That’s partly why AUSTRAC desires stronger “know your buyer” 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 only don’t know learn how to get assist. Marshall inspired anybody who has been scammed to inform their household and associates about it.
Individuals have to share what occurred so others received’t fall into the identical entice. Proper now, with 150 reviews 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 way of, transferring roughly A$275 million (about US$178 million) into Bitcoin, Ether, and varied stablecoins. Personal companies like Localcoin (753 machines), Coinflip (700), and Bitcoin Depot (182) lead the pack.
With extra ATMs popping up, there’s extra probability for scammers to trick folks, particularly if operators aren’t watching intently.
Featured picture from Gemini, chart from TradingView
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