New Zealand will ban cryptocurrency automated teller machines (ATMs) and impose a NZ$5,000 cap on international cash transfers, the country’s Associate Justice Minister, Nicole McKee, announced today (Wednesday).
There are 221 crypto kiosks currently operating in New Zealand, according to data from Coin ATM Radar. Once the ban takes effect, these machines must be removed.
Closing Gaps in Financial Crime
McKee explained that the move is part of a wider plan to disrupt money laundering and organised financial crime. The aim of banning crypto ATMs is to make it harder for criminals to turn cash into high-risk assets such as cryptocurrencies.
Read more: Chat Group Scams Targeting New Zealanders Are Increasing: Regulator Receives Complaints
“This Government is serious about targeting criminals, not tying up legitimate businesses in unnecessary red tape,” McKee said.
Crypto ATMs function in a similar way to regular ATMs but allow users to exchange cash for cryptocurrency. These transactions often carry high fees.
New Zealand’s decision follows similar action in neighbouring Australia, which last month introduced a AU$5,000 limit on all crypto ATM transactions, including both deposits and withdrawals.
Australia’s financial watchdog also announced tighter customer checks, scam warnings, and stronger transaction monitoring. These changes came after the agency found that people aged 60 to 70 were the most common users of crypto ATMs, and that this group is especially at risk of financial scams.
You may also like: From a Simple Survey Call to Investment Scam - New Zealand Exposes New Fraud Scheme
While New Zealand’s crypto ATM market is relatively small, Australia ranks third globally in the number of installed machines, with over 1,200 operating in 2024. Localcoin is the largest provider, running 753 ATMs, followed by Coinflip with 700 and Bitcoin Depot with 182.
Australia’s crypto ATMs are estimated to handle nearly 150,000 transactions each year, moving around AU$275 million.
Applying Rules “Intelligently”
New Zealand’s government is introducing a bill to give authorities more power to tackle money laundering. Two related reform bills are already in parliament, aiming to remove some of the more difficult compliance rules and provide practical relief for businesses by year-end.
McKee clarified that cutting down on red tape does not mean lowering standards. “It’s about applying them intelligently,” she said.
“I have also announced plans this week to remove address checks for many lower-risk customers and ease due diligence requirements for lower-risk trusts,” McKee added. “This means businesses can spend more time focusing on actual risks instead of chasing paperwork from low-risk clients.”
This article was written by Arnab Shome at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments