365Crypto
New Zealand just outlawed crypto ATMs. The government says it’s to fight crime. But many see it as a power grab.
Justice Minister Nicole McKee announced new laws banning crypto ATMs and capping international cash transfers at $5,000. She claims this will stop criminals from turning dirty cash into digital assets.
So criminals used cash. The fix? Ban ATMs. Crypto ATMs, specifically. Traditional ATMs? Still good. Makes total sense… if your goal is control.
Authorities also want more eyes on your bank account. The Financial Intelligence Unit (FIU) will now demand regular reports from banks and payment services on “suspicious” users.
Two bills already in parliament aim to “reduce red tape” while increasing oversight. Translation: more surveillance, fewer options.
Officials say criminals were using ATMs to send crypto overseas for drugs and scams. Okay, but… that’s like banning roads because criminals use cars.
Over 220 crypto ATMs were live across New Zealand, helping users easily convert between fiat and crypto. Now they’re gone.
This move follows global trends. Australia imposed strict new rules on crypto ATMs. Spokane, Washington banned them altogether.
Crypto users aren’t thrilled. They argue it’s less about crime, more about keeping you locked in the banking system. And yes, they’re worried cash is next.
📝 Crypto ATM: A physical machine where users can buy or sell cryptocurrencies using cash.
📝 AML/CFT: Anti-money laundering and countering the financing of terrorism laws.
