Banks given major new power in crackdown:
Paedophiles, drug dealers, organised crime associates and scam artists are pumping millions of dollars into crypto ATMs ...
news.com.au/finance/economy/australian-economy/highrisk-product-australia-to-crack-down-on-crypto-atms/news-story/7ee20e0a7c61efe1f5a20cafb60af256
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process of transforming profits of crime and corruption into ostensibly legitimate assets
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Banks given major new power in crackdown: Paedophiles, drug dealers, organised crime associates and scam artists are pumping millions of dollars into crypto ATMs ...
news.com.au/finance/economy/australian-economy/highrisk-product-australia-to-crack-down-on-crypto-atms/news-story/7ee20e0a7c61efe1f5a20cafb60af256
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Key FactsCrypto ATMs Restricted
Jul 9, 2025 · Reading time: ~45 sec.
Summary created with AI assistance · Source: cointelegraph.com
Summary created with AI assistance · Source: cointelegraph.com
- Associate Justice Minister Nicole McKee announced proposed legislation to ban cryptocurrency ATMs as part of AML/CFT reforms, citing their exploitation by criminals.
- McKee cited an overseas case where crypto purchases funded more than 100 kilograms of meth and referenced about $107 million laundered through criminal organisations.
- Coin Flip, which operates roughly 120 ATMs, called the ban a 'step backward' and suggested targeted safeguards such as wallet pinning, photographic records, pre‑transaction monitoring and real‑time scam warnings.
- New Zealand would join countries that have restricted or outlawed crypto ATMs, including the UK (March 2022), Singapore (moratorium 2022) and China (September 2021).
The scenario of the $107 million that had been laundered through criminal organisations made me realise we don't need those here in New Zealand.— Nicole McKee, Associate Justice Minister, commenting on the government's plan to ban crypto ATMs and combat money laundering
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