Although the limit only applies to crypto ATM operators, it is expected that crypto exchanges will adopt similar restrictions.
Currently, Australia has 1,800 active crypto ATMs.
Australia’s national financial intelligence agency has introduced new rules concerning cryptocurrency ATMs, which include setting cash deposit and withdrawal limits of AU$5,000 (around US$3,250).
Restrictions on Crypto ATM Operators
In an announcement today (Tuesday), the Australian Transaction Reports and Analysis Centre (AUSTRAC) explained that there will be enhanced customer due diligence requirements, mandatory scam warnings, and obligations for stronger transaction monitoring.
While AUSTRAC’s rules only apply to crypto ATM operators, it also expects local digital currency exchanges to consider adopting similar limits if they accept cash for crypto transactions.
The agency found that people aged between 60 and 70 were the most frequent users of crypto ATMs in the country.
Brendan Thomas, AUSTRAC’s CEO (Photo: LinkedIn)
“It is a huge concern that people in this demographic are overrepresented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60–70-year-old users are victims of scam activity,” said AUSTRAC’s CEO, Brendan Thomas.
A Massive Market for Crypto ATMs
Crypto ATMs work similarly to regular ATMs but facilitate exchanges between cash and cryptocurrency. These transactions often carry high fees.
According to AUSTRAC, the number of crypto ATMs in Australia has increased more than fifteenfold in two years—from just 23 in 2019, to 60 in 2022, and over 1,200 in 2024. There are now more than 1,800 active crypto ATMs operating across the country.
Data from Coin ATM Radar also shows that Australia ranks as the third-largest country by number of crypto ATM installations. Localcoin is the leading provider, operating 753 ATMs, followed by Coinflip with 700 and Bitcoin Depot with 182.
The regulator further estimated that nearly 150,000 transactions are made annually through these machines, moving around AU$275 million. The vast majority of those—about 99 per cent—are cash deposits used to purchase cryptocurrencies, primarily Bitcoin, Tether, and Ethereum.
“Crypto can be a high-risk investment, but people who consider and are willing to accept those risks may find it a convenient option,” Thomas added. “AUSTRAC will continue to monitor this space and take further action where we see harm occurring.”
Australia’s national financial intelligence agency has introduced new rules concerning cryptocurrency ATMs, which include setting cash deposit and withdrawal limits of AU$5,000 (around US$3,250).
Restrictions on Crypto ATM Operators
In an announcement today (Tuesday), the Australian Transaction Reports and Analysis Centre (AUSTRAC) explained that there will be enhanced customer due diligence requirements, mandatory scam warnings, and obligations for stronger transaction monitoring.
While AUSTRAC’s rules only apply to crypto ATM operators, it also expects local digital currency exchanges to consider adopting similar limits if they accept cash for crypto transactions.
The agency found that people aged between 60 and 70 were the most frequent users of crypto ATMs in the country.
Brendan Thomas, AUSTRAC’s CEO (Photo: LinkedIn)
“It is a huge concern that people in this demographic are overrepresented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60–70-year-old users are victims of scam activity,” said AUSTRAC’s CEO, Brendan Thomas.
A Massive Market for Crypto ATMs
Crypto ATMs work similarly to regular ATMs but facilitate exchanges between cash and cryptocurrency. These transactions often carry high fees.
According to AUSTRAC, the number of crypto ATMs in Australia has increased more than fifteenfold in two years—from just 23 in 2019, to 60 in 2022, and over 1,200 in 2024. There are now more than 1,800 active crypto ATMs operating across the country.
Data from Coin ATM Radar also shows that Australia ranks as the third-largest country by number of crypto ATM installations. Localcoin is the leading provider, operating 753 ATMs, followed by Coinflip with 700 and Bitcoin Depot with 182.
The regulator further estimated that nearly 150,000 transactions are made annually through these machines, moving around AU$275 million. The vast majority of those—about 99 per cent—are cash deposits used to purchase cryptocurrencies, primarily Bitcoin, Tether, and Ethereum.
“Crypto can be a high-risk investment, but people who consider and are willing to accept those risks may find it a convenient option,” Thomas added. “AUSTRAC will continue to monitor this space and take further action where we see harm occurring.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Executive Interview | Jas Shah | FMLS:25
Executive Interview | Jas Shah | FMLS:25
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
