New Zealand Bans Crypto ATMs, Caps Transfers in AML Regime Shake-Up

Key Points

1. New Zealand's government announced reforms to ban crypto ATMs and limit international cash transfers to $5,000 per transfer to prevent money laundering and criminal activities.

2. A ministerial report found that criminals use crypto ATMs for illicit activities, prompting the ban to regulate the sector and enhance compliance.

3. Janine Grainger, co-founder of Easy Crypto, supports the ban, emphasizing the need for safe and compliant growth in the crypto sector.

4. Crypto ATMs often impose high fees (5-10%), making them less attractive to users compared to reputable exchanges, according to industry experts.

5. The ban aligns with international concerns, as other countries like Australia and the U.S. have also taken steps to regulate or ban crypto ATMs due to their association with fraud and criminal activities.