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    Home New Zealand bans Crypto ATMs to tackle money laundering
    Crypto

    New Zealand bans Crypto ATMs to tackle money laundering

    John SmithBy John SmithJuly 9, 2025No Comments3 Mins Read
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    Key Takeaways

    • A hard cap of $5,000 will apply to all outbound cash transfers, aimed at reducing the volume of funds criminals can shift offshore
    • Associate Justice Minister Nicole McKee, who said the measures are designed to restrict the ability of organised crime networks to convert and export illicit cash

    In a significant development, New Zealand has announced that it will ban crypto ATMs and introduce a $5,000 limit on international cash transfers, in what officials describe as a targeted move to combat criminal money flows.

    The policy overhaul was unveiled on July 9 by Associate Justice Minister Nicole McKee, who said the measures are designed to restrict the ability of organized crime networks to convert and export illicit cash. “We will also make it more difficult for criminals to convert cash to high-risk assets such as cryptocurrencies by banning crypto ATMs,” McKee said in a statement.

    As part of the package, a bill will be introduced to Parliament to expand police and regulatory powers, allowing for broader surveillance of suspicious transactions and ongoing information requests from financial institutions. The Financial Intelligence Unit (FIU) will be granted new capabilities to demand financial data on individuals flagged for suspicious activity, in a bid to boost enforcement capacity.

    A hard cap of $5,000 will apply to all outbound cash transfers, aimed at reducing the volume of funds criminals can shift offshore. Authorities said legitimate remittance users will still have access to electronic transfer channels through banks.

    McKee emphasized that the new rules are not intended to burden legitimate businesses. “This Government is serious about targeting criminals, not tying up legitimate businesses in unnecessary red tape,” she said. Two separate anti-money laundering bills are already in Parliament, which aim to streamline compliance for low-risk entities. These bills are expected to pass before the end of 2025.

    The crackdown follows findings from an April report by New Zealand’s Ministerial Advisory Group on Transnational, Serious and Organised Crime. The report warned that crypto ATMs were being used to launder funds, often allowing criminals to transfer digital currency offshore within minutes to fund drug imports or facilitate scams.

    New Zealand is currently home to over 220 crypto ATMs, according to data from Coin ATM Radar.

    The latest move follows a string of similar regulatory restrictions on crypto ATMs across other countries. Last month, The Australian Transaction Reports and Analysis Centre (AUSTRAC) is enforcing a 5,000 Australian dollar ($3,250) limit on cash deposits and withdrawals on crypto ATMs.



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