Overview

• AUSTRAC refused to renew a major crypto ATM operator’s licence and imposed transaction limits, tougher customer checks and mandatory scam warnings to block illicit activity.
• A dedicated taskforce found crypto ATMs were linked to scams, fraud and money laundering, with 79% of users aged over 50 and 29% between 60 and 70.
• The Australian Federal Police logged 150 unique crypto ATM scam reports in 2024, documenting more than $3.1 million in losses that are believed to be under-reported.
• Australia’s network of over 1,800 crypto ATMs handled roughly $275 million in cash-to-crypto transactions last year, ranking the country third globally behind the US and Canada.
• Experts warn that elderly Australians remain particularly vulnerable to sophisticated schemes that trick victims into draining their life savings through crypto ATMs.