Australia’s financial watchdog and federal police are warning that scams using crypto ATMs are draining wallets across the country.

Between January 2024 and January 2025, 150 people filed unique reports with ReportCyber about crypto ATM scams , and those losses topped A$3.1 million (about US$2 million). Many older Australians are being targeted, and regulators are scrambling to put safer rules in place.

Operators Face New Transaction Caps

According to the Australian Transaction Reports and Analysis Centre (AUSTRAC), a new rule now limits cash deposits and withdrawals at crypto ATMs to A$5,000 (around US$3,250). Operators must also put up clear scam warning signs, keep a closer eye on every transaction, and step up checks on customers.

These measures began on June 3. Right now, they

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