New Zealand announces crypto ATM ban in push to combat financial crime
2025-07-09 08:00:11
Main Idea
New Zealand will ban cryptocurrency ATMs and limit international cash transfers to $5,000 as part of new anti-money laundering reforms aimed at reducing misuse of digital currencies.
Key Points
1. New Zealand's new reforms include banning cryptocurrency ATMs and capping international cash transfers at $5,000 to combat money laundering.
2. Crypto ATMs have been identified as a key tool for money laundering, with reports linking them to drug imports, scams, and $246 million in fraud-related losses in the U.S. in 2024.
3. Operators will have 60 days to remove over 40 crypto ATM kiosks following the ban.
4. Australia's financial intelligence agency, AUSTRAC, also imposed a $5,000 cash cap per transaction in June 2025 to tighten oversight.
5. The reforms aim to strengthen the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) framework.
Description
New Zealand will ban cryptocurrency ATMs and limit international cash transfers to $5,000 as part of new anti-money laundering reforms. According to Associate Justice Minister Nicole McKee, the reforms, unveiled on July 9, will “target criminals” by restricting their ability to convert large volumes of illgotten cash into crypto through virtual currency kiosks. In this regard, New Zealand will introduce a bill to enhance enforcement powers for police and regulators and to expand the capabilities...
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