Australia’s Financial Watchdog Could Gain Power to Ban Crypto ATMs

Why It Matters

What’s at stake is whether AUSTRAC will use this new authority to reshape on‑ramps to crypto trading and limit avenues for illicit transactions.

Summary

Australia’s government is not seeking an immediate ban on crypto ATMs but is proposing draft laws to give financial watchdog AUSTRAC the discretionary power to prohibit them. Minister Tony Burke said the change would allow a targeted ban where ATMs pose money‑laundering or illicit finance risks, rather than an across‑the‑board prohibition. The move signals tougher regulatory oversight of crypto infrastructure, raising compliance and operational uncertainty for ATM operators and crypto service providers and potentially reducing cash‑based anonymity in the sector. What’s at stake is whether AUSTRAC will use this new authority to reshape on‑ramps to crypto trading and limit avenues for illicit transactions.