- Over 150 unique scam reports filed with ReportCyber during the period.
- Average loss per victim exceeded AUD 20,000.
- Crypto ATMs in Australia surged from 40 in 2022 to over 1,800 by 2025.
Australia is facing a fresh wave of crypto-related scams, this time involving the rapid expansion of cryptocurrency ATMs across the country.
New data from ReportCyber shows that Australians lost over AUD 3.1 million to scams involving crypto ATMs between January 2024 and January 2025.
The Australian Federal Police (AFP) has now issued a warning, urging greater public awareness as these frauds increasingly target vulnerable demographics, particularly those aged over 50.
With more than 1,600 crypto ATMs now operating in the country—up from just 23 in 2019—the risk of exploitation is growing in parallel with accessibility.
Over 150 reports filed, average loss tops AUD 20,000
Between January 1, 2024, and January 1, 2025, Australia’s national cybercrime reporting platform, ReportCyber, received 150 reports specifically related to crypto ATM scams. This equates to roughly one report every two and a half days.
The total estimated losses stood at AUD 3,107,600, with an average loss of more than AUD 20,000 per incident, according to the AFP.
Authorities suggest that these numbers may only represent a fraction of the real impact. Many victims do not report their cases due to embarrassment, unawareness, or difficulty navigating the reporting process.
AUSTRAC, the national financial intelligence agency, revealed that around AUD 275 million flows through cryptocurrency ATMs annually in Australia.
A significant portion of that volume is linked to fraudulent activity, although the exact figure remains unquantified.
Lack of regulation, rising usage worsen risk
Crypto ATMs, often situated in easily accessible places such as convenience stores or next to children’s vending machines, offer convenience at the cost of security.
Bitcoin’s irreversible nature and the low identification requirements of many machines make them ideal tools for scammers.
Unlike traditional bank transactions, once crypto is sent via an ATM, there is virtually no way to recover the funds.
The problem is not isolated to Australia. In the US, the Michigan Attorney General’s Consumer Protection Division has raised similar alarms about Bitcoin ATM scams targeting older adults.
In Canada, authorities have previously flagged these machines as potential conduits for money laundering. The UK prosecuted an individual last year for operating an illegal Bitcoin ATM.
Despite global efforts to crack down on misuse, regulations governing these machines remain patchy.
Without mandatory Know-Your-Customer (KYC) procedures, scammers can exploit the anonymity and speed of crypto transfers to move illicit funds quickly and invisibly.
Scammers prey on urgency, fake officials, and emotional manipulation
Crypto ATM scams often follow well-established social engineering techniques.
The AFP highlights that scammers typically contact victims posing as government officials, bank staff, or tech support agents.
Some victims are lured through romance scams, investment promises, or job offers, often involving intense emotional manipulation and pressure to act urgently.
The victim is then instructed to withdraw cash and deposit it into a crypto ATM, often while on a live call with the scammer.
Fraudsters sometimes claim the transaction is necessary to “secure accounts” or prevent legal action.
These tactics exploit both digital illiteracy and psychological vulnerability, especially among seniors.
To combat these scams, the AFP and AUSTRAC recommend heightened public awareness and better education about cryptocurrency basics.
As Bitcoin’s value continues to rise and ATM numbers grow, experts warn that the issue could worsen without coordinated regulatory intervention.
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The world’s largest crypto exchange Binance on Friday said it will remove other AUD trading pairs from the exchange after recently ending support for many cryptocurrencies against AUD trading pairs. The move comes as Binance lost its banking partner in Australia after recent regulatory challenges in the country.
Binance To Cease Crypto Trading on AUD Trading Pairs
According to an official announcement on May 26, crypto exchange Binance will remove and cease trading on several spot trading pairs for several top crypto. These include Bitcoin, Ethereum, Dogecoin, XRP, Cardano, Solana, and MATIC.
Binance to end support for ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, XRP/AUD from June 1 at 6:00 UTC. The exchange continues to cease trading against Australian dollar (AUD).
Binance will terminate its Trading Bots service for these pairs. However, users can continue to trade these top crypto against other trading pairs on the platform.
On May 24, Binance removed 8 trading pairs against AUD, potentially starting to end the fiat support after recent challenges faced in Australia.
Also Read: Ethereum Balance On Crypto Exchanges Fell 5-Yr Low, ETH Price To Rise Or Fall?
Binance Facing Challenges in Australia
Binance started facing troubles in Australia after the Australian Securities and Investments Commission (ASIC) started a probe against the exchange for mistakenly categorizing traders as wholesale investors.
Last week, the exchange suspends Australian dollar deposits after it loses Australian banking partner. The AUD deposits and withdrawals faced problems.
The trading volume on Binance fell massively amid regulatory crackdowns by several regulators. Binance CEO CZ responded that the exchange is facing intense scrutiny after the FTX collapse. The trading volume has failed to pick pace with TUSD stablecoin.
Also Read: Best Crypto Exchange Affiliate Programs In 2023
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