Australia’s financial watchdog and federal police are warning that scams using crypto ATMs are draining wallets across the country.
AUSTRAC CEO Brendan Thomas mentioned that these conditions will be watched closely and could change if they aren’t working as planned.
Based on reports from AUSTRAC’s task force, most people who use cash to buy crypto at ATMs are over 50, and about 72% of all transaction value comes from this older age group.
It’s a big worry because many in their 60s and 70s end up as victims of scams. Scammers often tell them to send money to a crypto ATM to “prove” an investment or to recover stolen funds.
AFP Commander Graeme Marshall says that a lot of people who lose money don’t report it. Sometimes they feel too embarrassed. Other times, they just don’t know how to get help. Marshall encouraged anyone who has been scammed to tell their family and friends about it.
Australia used to have very few crypto ATMs—just 67 in August 2022. But by June 2025, that number had exploded to nearly 1,820. That makes Australia the third-largest market for these machines in the world.
In a single year, almost 150,000 cash-based transactions went through, moving roughly A$275 million (about US$178 million) into Bitcoin, Ether, and various stablecoins. Private firms like Localcoin (753 machines), Coinflip (700), and Bitcoin Depot (182) lead the pack.
With more ATMs popping up, there’s more chance for scammers to trick people, especially if operators aren’t watching closely.
Featured image from Gemini, chart from TradingView
