Crypto ATMs were just banned in New Zealand: Here’s why it matters
Main Idea
New Zealand has banned crypto ATMs as part of broader Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) reforms, citing concerns over their use in organized crime and money laundering.
Key Points
1. New Zealand's Justice Minister Nicole McKee announced the ban on crypto ATMs on July 17, 2025, as part of AML/CFT reforms, targeting over 220 machines in operation.
2. Crypto ATMs were identified as tools for criminal activity, with one case involving NZ$107 million allegedly laundered through such channels.
3. CoinFlip, New Zealand's largest crypto ATM provider, criticized the ban, calling it a step backward for innovation and advocating for smarter regulation instead.
4. Bitcoin remains legal in New Zealand, but crypto ATMs are banned, and individuals must comply with AML/CFT regulations when trading or mining cryptocurrencies.
5. New Zealand's approach contrasts with countries like Australia, which opted for tighter regulation rather than a full ban on crypto ATMs.
Description
New Zealand’s financial watchdog outlawed crypto ATMs, citing regulatory gaps and AML concerns and raising questions about retail access and compliance.
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